Payment Systems For The Internet – Consumer Requirements

This paper examines the consumer requirements for payment systems on the Internet. According to previous literature, the eight important features of payment systems from a consumer’s point of view are: security, reliability, privacy, acceptability, person-to-person (P2P), flexibility, price, and ease of use. This research focuses on identifying the importance of these features in general and in specific situations. Five hypotheses are formulated.The results of a mail questionnaire indicate that there is indeed a clear preference ranking of the eight features. This ranking shows that security, reliability and privacy are the most important features of a payment system for Internet purchases.This ranking remains stable for unknown Web shops and expensive products. Internet users value price less then non-users. Buyers value security significantly more than non-buyers, although both groups rank security first. In addition, reliability is less important for buyers than for non-buyers.The research shows that current payment systems used on the Internet (mainly credit cards) do not satisfy consumer requirements. This may be a reason for the disappointing e-retailing sales.E-retailling;

Common Law, and Privacy in Computer-Mediated Environments

Computer-mediated environments pose a special challenge to our legal and cultural protections of privacy. These environments are unprecedented in the way commercially valuable information can be generated in their very use. The ease and low cost with which electronic information can be gathered and disseminated in these environments have led many to advocate regulation protecting privacy interests from commercial encroachment. At the same time, the use of digital communications to support criminal or terrorist activities have led others to advocate regulation allowing law enforcement agencies to eavesdrop or intercept. The cultural history of the Internet as a self-regulating, almost anarchical, environment provides an interesting background to this issue. Many writers have looked to statutory law for a solution to the issues of control over, and commercial or governmental use of information about individuals. This article contends that the current discussions have overlooked the potential of common law and market forces to satisfactorily balance the conflicting interests

An Atomicity-Generating Layer for Anonymous Currencies

Atomicity is a necessary element for reliable transactions (Financial Service Technology Consortium, 1995; Camp, Sirbu and Tygar, 1995; Tygar, 1996). Anonymity is also an issue of great importance not only to designers of commerce systems, (Chaum, 1982; Chaum, 1989; Chaum, Fiat & Naor, 1988; Medvinski, 1993), but also to those concerned with the societal effects of information technologies (Branscomb 1994. Compaine 1985, National Research Council 1996, Neumann 1993, Poole 1983). Yet there has been a tradeoff between these two elements in commerce system design. Reliable systems, which provide highly atomic transactions, offer limited anonymity (Visa, 1995; Sirbu and Tygar, 1995; Mastercard, 1995, Low, Maxemchuk and Paul, 1993) . Anonymous systems (Chaum, 1985; Chaum 1989; Medvinski, 1993) do not offer reliable transactions as shown in Yee, 1994; Camp, 1999; and Tygar, 1996. This work illustrates that any electronic token currency can be made reliable with the addition of this atomicity-generating layer.IB

A Theoretical Approach to Electronic Money

The paper proposes an analysis of money which starts from electronic money. In open contradiction to the traditional approach, characterized by a general lack of interest by theoreticians towards payment system issues, the paper argues that analysis of the distinctive characteristics of electronic money is bound to contribute to received monetary theory. After indicating the distinguishing properties of electronic money (which derive entirely from its technical features), the paper outlines their consequences on the principles of monetary theory. It is argued that recognition of the fact that electronic money is nominal money issued in an operation of monetary intermediation, provides an analytical framework for a better understanding of electronic money issuance, as well as of the meaning of issuing money. The analysis will show that only a deep analysis into the very nature of bank money can provide a better understanding of phenomena such as electronic money, which is consistent with the evolution of financial and banking innovations, in particular with the rise of interest bearing mediums of exchange.Electronic money monetary theory

A Theoretical Approach to Electronic Money

The paper proposes an analysis of money which starts from electronic money. In open contradiction to the traditional approach, characterized by a general lack of interest by theoreticians towards payment system issues, the paper argues that analysis of the distinctive characteristics of electronic money is bound to contribute to received monetary theory. After indicating the distinguishing properties of electronic money (which derive entirely from its technical features), the paper outlines their consequences on the principles of monetary theory. It is argued that recognition of the fact that electronic money is nominal money issued in an operation of monetary intermediation, provides an analytical framework for a better understanding of electronic money issuance, as well as of the meaning of issuing money. The analysis will show that only a deep analysis into the very nature of bank money can provide a better understanding of phenomena such as electronic money, which is consistent with the evolution of financial and banking innovations, in particular with the rise of interest bearing mediums of exchange.electronic money; monetary theory

OpenCollab: A Blockchain Based Protocol to Incentivize Open Source Software Development

Open source software is one of the fundamental building blocks of today\u27s technology dependent society and is relied upon by parties ranging from large technology corporations to individual hobbyist developers. The open question left for technologists is how to make open source software projects more sustainable. The rise of decentralized networks of self-organizing, self-coordinating users incentivized by valuable cryptographic tokens enabled by Ethereum smart contracts creates the possibility of a system with embedded economics for open source software development that aligns the incentives of all parties. We present two contributions that can serve as building blocks for a potentially better solution to open source software sustainability: a command line tool that enables a decentralized Git workflow without the need for a centralized service like Github and a proof-of-concept blockchain based protocol for incentivizing open source software development using a cryptographic token. Both contributions are implemented using Ethereum smart contracts

Regulating Electronic Money in Small-Value Payment Systems: Telecommunications Law as a Regulatory Model

A smart card, or stored value card, is a credit card-sized payment mechanism with an embedded integrated circuit chip. Current technology allows value to be placed on the card through an ATM terminal, a telephone equipped with a card reader, or a personal computer equipped with a card reader. The suitability of the card for small-value, high-volume transactions indicates that stored value cards could, to a large extent, replace currency transactions. Existing laws are not tailored to deal with the nature of transactions involving stored value cards, nor do they address nonbank card issuers. The integration of telecommunications and financial services strains traditional regulatory practices in both areas. Regulation of electronic money should be structured to eliminate barriers to competition and allow for innovation while creating a level playing field for both financial and nonfinancial issuers