An Online, Transferable E-Cash Payment System

  • R. Sai Anand
  • C.E.Veni Madhavan
Conference paper
Part of the Lecture Notes in Computer Science book series (LNCS, volume 1977)

Abstract

Most electronic cash (e-cash) based payment systems that have been proposed do not possess the property of transferability. Transferability in an e-cash based system means that when a payee receives an electronic coin in a transaction he may spend it without depositing the coin first and getting a new coin issued from a bank. Usually electronic coins that are transferred in a transaction have a lifetime of the trans-action itself. In this paper, we propose a payment system where coins can be transferred over multiple hands, spread over various transactions, similar to physical cash. Detection or prevention of double spending of coins is a critical issue in online e-cash payment systems. In our system the verification is distributed across multiple entities as opposed to the case of a coin-issuing entity or a central bank alone being responsible for the verification. A resolution mechanism for handling disputes is also presented. The proposed system provides guarantees of anonymity, fairness and transferability.

Key words

E-cash Transferability Fairness Anonymity Double Spending. 

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Copyright information

© Springer-Verlag Berlin Heidelberg 2000

Authors and Affiliations

  • R. Sai Anand
    • 1
  • C.E.Veni Madhavan
    • 1
  1. 1.Department of Computer Science & AutomationIndian Institute of ScienceBangaloreIndia

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