Anonymous and Transferable Coins in Pay-Fair Ecommerce

Lih-Chyau WUU  Chih-Ming LIN  Wen-Fong WANG  

IEICE TRANSACTIONS on Information and Systems   Vol.E89-D   No.12   pp.2950-2956
Publication Date: 2006/12/01
Online ISSN: 1745-1361
DOI: 10.1093/ietisy/e89-d.12.2950
Print ISSN: 0916-8532
Type of Manuscript: PAPER
Category: Application Information Security
e-coin,  hash function,  transferability,  fairness,  

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In this paper, we propose an on-line e-coin system with four parties: Consumer, Merchant, Bank and Issuer. The proposed system not only circulates anonymous e-coins but also protects the profits of the Merchant and the Consumer during a transaction. An e-coin, consisting of a secret value c and a public value c'=h(c) where h() is a secure one-way hash function with collision resistant property, is generated by its owner. The public value of a legal e-coin is published on the bulletin board of Issuer. Only the owner who releases the secret values of the published e-coins can spend money. Instead of Bank, Issuer has to be on-line to verify and replace the public values of the Consumer's e-coins with the Merchant's while the Consumer pays money to the Merchant in a transaction. Such a replacement represents that the coins are passed from one person to another.