2,446 research outputs found
Fair Exchange in Strand Spaces
Many cryptographic protocols are intended to coordinate state changes among
principals. Exchange protocols coordinate delivery of new values to the
participants, e.g. additions to the set of values they possess. An exchange
protocol is fair if it ensures that delivery of new values is balanced: If one
participant obtains a new possession via the protocol, then all other
participants will, too. Fair exchange requires progress assumptions, unlike
some other protocol properties. The strand space model is a framework for
design and verification of cryptographic protocols. A strand is a local
behavior of a single principal in a single session of a protocol. A bundle is a
partially ordered global execution built from protocol strands and adversary
activities. The strand space model needs two additions for fair exchange
protocols. First, we regard the state as a multiset of facts, and we allow
strands to cause changes in this state via multiset rewriting. Second, progress
assumptions stipulate that some channels are resilient-and guaranteed to
deliver messages-and some principals are assumed not to stop at certain
critical steps. This method leads to proofs of correctness that cleanly
separate protocol properties, such as authentication and confidentiality, from
invariants governing state evolution. G. Wang's recent fair exchange protocol
illustrates the approach
How to Issue a Central Bank Digital Currency
With the emergence of Bitcoin and recently proposed stablecoins from BigTechs, such as Diem (formerly Libra), central banks face growing competition from private actors offering their own digital alternative to physical cash. We do not address the normative question whether a central bank should issue a central bank digital currency (CBDC) or not. Instead, we contribute to the current research debate by showing how a central bank could do so, if desired. We propose a token-based system without distributed ledger technology and show how earlier-deployed, software-only electronic cash can be improved upon to preserve transaction privacy, meet regulatory requirements in a compelling way, and offer a level of quantum-resistant protection against systemic privacy risk. Neither monetary policy nor financial stability would be materially affected because a CBDC with this design would replicate physical cash rather than bank deposits
How to Issue a Central Bank Digital Currency
With the emergence of Bitcoin and recently proposed stablecoins from
BigTechs, such as Diem (formerly Libra), central banks face growing competition
from private actors offering their own digital alternative to physical cash. We
do not address the normative question whether a central bank should issue a
central bank digital currency (CBDC) or not. Instead, we contribute to the
current research debate by showing how a central bank could do so, if desired.
We propose a token-based system without distributed ledger technology and show
how earlier-deployed, software-only electronic cash can be improved upon to
preserve transaction privacy, meet regulatory requirements in a compelling way,
and offer a level of quantum-resistant protection against systemic privacy
risk. Neither monetary policy nor financial stability would be materially
affected because a CBDC with this design would replicate physical cash rather
than bank deposits.Comment: Swiss National Bank Working Paper3/202
EXPLORING TECHNOLOGY TRUST IN BITCOIN: THE BLOCKCHAIN EXEMPLAR
The acceptance of Bitcoin as an electronic currency is steadily on the rise. This implies there is a surge in the diffusion and adoption of the blockchain technology introduced by Bitcoin as well. Moreover, the potential of this novel disruptive technology has been acknowledged by academic researchers and practitioners alike. IS research has shown that trust is a significant antecedent enabling the adoption of a novel technology and attenuating the apprehensions of risk and uncertainty among consumers. Trust in a technology is formed by the trusting beliefs of a trustor regarding the trustworthiness of the IT artifact. The blockchain technology, the trustee, has features like cryptography, decentralization, hash functions, digital signature, consensus mechanism, which embody trust in the technology. We present an extensive description of Bitcoin as an instantiation of the blockchain technology, while offering a detailed account of the literature on trust in a technology. We conceptually present, through the use of knowledge mapping, how blockchain ensures trust in the technology. We propose future research directions for trust research in the blockchain context and urge IS academics to explore trust in this novel context
An Analysis and Enumeration of the Blockchain and Future Implications
The blockchain is a relatively new technology that has grown in interest and potential research since its inception. Blockchain technology is dominated by cryptocurrency in terms of usage. Research conducted in the past few years, however, reveals blockchain has the potential to revolutionize several different industries. The blockchain consists of three major technologies: a peer-to-peer network, a distributed database, and asymmetrically encrypted transactions. The peer-to-peer network enables a decentralized, consensus-based network structure where various nodes contribute to the overall network performance. A distributed database adds additional security and immutability to the network. The process of cryptographically securing individual transactions forms a core service of the blockchain and enables semi-anonymous user network presence
Banking and payment system stability in an electronic money world
Electronic funds transfers ; Payment systems
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