scholarly journals Blockchain Technology as an Alternative Method of Payment Transaction Proof

2021 ◽  
Vol 2 (5) ◽  
pp. 1769-1774
Author(s):  
Bambang Irawan
Keyword(s):  
Data Storage ◽  
New Technologies ◽  
Internet Banking ◽  
Payment System ◽  
Mobile Internet ◽  
The Internet ◽  
Financial Industry ◽  
Industrial Transformation ◽  
Payment Methods ◽  
Blockchain Technology

Today, the development of information technology allows all needs in the payment system to conduct safely and reliably with the support of blockchain technology. Blockchain technology is currently a concept getting more attention in financial technology (Fintech). This technology combines several computer technologies, including distributed data storage, point-to-point transmission, consensus mechanisms, and encryption algorithms often referred to as cryptography. Currently, various payment methods are available, Direct payment methods via the website, credit cards, automatic debit (Autopay), Mobile / Internet Banking, Non-bank, E-commerce, and E-wallet. All of the above payment systems still require a third party as a guarantor for the transactions made. Another problem that arises is a notification of bill dues to consumers, using conventional media in letters, emails, and notices of short message service (SMS), which allows consumers to miss the given deadline. It could cause the service to terminate. Blockchain technology is currently still considered an innovation that disrupts the world of banking and the internet. However, because this technology is a breakthrough major in data storage and information transmission, it will fundamentally change the global financial and economic operating model towards new technologies and industrial transformation in the financial industry. Current consumer bill payment methods use conventional banking systems, and notification systems for payment deadlines are less efficient; we propose a payment system with blockchain technology and the internet of things (IoT) to solve the current problem.

Agents and Payment Systems in E-Commerce

2011 ◽  
pp. 99-103
Author(s):  
Sheng-Uei Guan
Keyword(s):  
Credit Card ◽  
Business Models ◽  
New Technologies ◽  
Mobile Internet ◽  
The Internet ◽  
Open Market ◽  
Payment Systems ◽  
Agent Based ◽  
Payment Scheme ◽  
Payment Schemes

An emerging outcome of the popularization of the Internet are electronic commerce and payment systems, which present great opportunities for businesses, reduce transaction costs, and provide faster transaction times. More research has been conducted with new technologies like mobile Internet used by business models (Baek & Hong, 2003). However, before using the Internet, it is essential to provide security in transferring monetary value over the Internet. A number of protocols have been proposed for these secure payment systems, including NetBill, NetCheque, Open Market, iKP, Millicent, SET (Sherift, 1998), E-Cash (Brands, 1995), NetCash, CAFÉ (Mjolsnes, 1997), EMV cards (Khu-Smith & Mitchell, 2002), etc. These systems are designed to meet diverse requirements, each with particular attributes. Automation and intelligence is another issue that poses challenges in the development of e-commerce. Agent technology has been incorporated into the area of e-commerce to provide automation and intelligence for the e-trade process. An agent is a software program capable of accomplishing tasks autonomously on behalf of its user. Agents must provide trustworthy consistency and fault tolerance to avoid eavesdropping and fraud. Also, agents should have roaming capability so as to extend their capability well beyond the limitations of owners’ computers. To meet these requirements, this chapter will discuss some related components under the SAFER (Secure Agent Fabrication, Evolution, and Roaming) architecture (Zhu & Guan, 2000) and propose an agent-based payment scheme for SAFER. Different types of electronic payment systems have been developed to meet its diverse requirements, which generally include integrity, authorization, confidentiality, availability, and reliability for security requirements (Asokan, 1997). Payment systems can be classified in a variety of ways according to their characteristics (Dahab & Ferreira, 1998), such as the exchange model (cash-like, check-like, or hybrid), central authority contact (online or offline), hardware requirements (specific or general), payment amounts (micropayment), etc. Among the available payment schemes in the market, E-Cash is one of the best in terms of security, flexibility, and full anonymity. E-Cash is a cash-like online system that uses electronic coins as tokens. E-Cash has unique advantages, such as flexibility, integrity, and full anonymity that cannot be found in electronic check and credit card based systems. It uses cryptographic techniques to provide full anonymity. The agent-based payment scheme for SAFER adopts some similar principles and concepts of E-Cash.

E-Commerce Agents and Payment Systems

2009 ◽  
pp. 822-828
Author(s):  
Sheng-Uei Guan
Keyword(s):  
Credit Card ◽  
Business Models ◽  
New Technologies ◽  
Mobile Internet ◽  
The Internet ◽  
Open Market ◽  
Payment Systems ◽  
Agent Based ◽  
Payment Scheme ◽  
Payment Schemes

An emerging outcome of the popularization of the Internet is the electronic commerce and payment systems, which present great opportunities for businesses, reduce transaction costs, and provide faster transaction time. Research has been conducted with new technologies, like mobile Internet used by business models (Baek & Hong, 2003). However, before using the Internet, it is essential to provide security in transferring monetary value over the Internet. Quite a number of protocols have been proposed for these secure payment systems, including NetBill, NetCheque, Open Market, iKP, Millicent, SET (Sherift & Serhrouchni, 1998), ECash (Brands, 1995), NetCash, CAFÉ (Mjolsnes & Michelson, 1997), EMV cards (Khu-Smith & Mitchell, 2002), and so forth. These systems are designed to meet diverse requirements, each with particular attributes. Automation and intelligence is another issue that poses challenges in the development of e-commerce. Agent technology has been incorporated into the area of e-commerce to provide automation and intelligence for the e-trade process. Agent is a software program, which is capable of accomplishing tasks autonomously on behalf of its user. Agents must provide highly trustworthy consistency and fault tolerance to avoid eavesdropping and fraud. Also, they should have roaming capability so as to extend their capabilities well beyond the limitations of owners’ computers. This article will discuss some related components under the Secure Agent Fabrication, Evolution, and Roaming (SAFER) architecture (Guan & Hua, 2003; Guan & Yang, 2004; Guan & Zhu, 2002; Ng, Guan, & Zhu, 2002; Zhu, Guan, Yang, & Ko, 2000) and propose an agent-based payment scheme for SAFER. Different types of electronic payment systems have been developed to meet their diverse requirements, which generally include integrity, authorization, confidentiality, availability, and reliability for security requirements (Asokan & Johnson, 1997). Payment systems can be classi- fied in a variety of ways according to their characteristics (Dahab & Ferreira, 1998), such as the exchange model (cash like, check like or hybrid), central authority contact (online or offline), hardware requirements (specific or general), payment amount (micropayment), and so forth. Among all the available payment schemes in the market, e-cash is one of the best in terms of security, flexibility, and full anonymity. E-cash is a cash-like online system that uses electronic coins as tokens. E-cash has its unique advantages, such as flexibility, integrity, and full anonymity that cannot be found in electronic check and credit card-based systems. It uses cryptographic techniques to provide full anonymity. The agent based payment scheme for SAFER adopts some similar principles and concepts of e-cash.

scholarly journals Current State and Development Trends of blockchain Technology in the Financial Sector

2019 ◽  
Vol 23 (6) ◽  
pp. 26-35
Author(s):  
G. O. Krylov ◽  
V. M. Seleznev
Keyword(s):  
Data Storage ◽  
Diffusion Of Innovations ◽  
New Technologies ◽  
Financial Sector ◽  
Political Agenda ◽  
Scientific Publications ◽  
Blockchain Technology ◽  
Current State ◽  
Sociological Approaches ◽  
Practical Implications

The article analyzes the main reasons for the slow adoption of blockchain technology, in particular, in the financial sector. The authors critically analyzed the main declared properties of blockchain technologies: trust, security, decentralization, immutable data storage, lack of intermediaries, hardware protection against attacks, and openness. The aim of the study are to show that these blockchain properties are overestimated, the expectations of its adoption are inflated, and the delays in its adaptation outside of cryptocurrencies, in particular, in the financial sector, are natural. The article is based on a methodology for the qualitative and quantitative analysis of scientific publications and statistical sources on the blockchain adaptation from the perspective of the theory of diffusion of innovations, the conditions and the specifics of economic and sociological approaches for consensus-building. The study resulted in the following new systemic findings. Blockchain and distributed ledgers are not fundamentally new technologies. In general, they do not have the properties of the immutable data storage, trust, anonymity, low transaction and adoption costs. All current consensus technologies have fundamental faults. Cryptocurrency technology is original, but it was a private experimental solution to a specific ideological problem of the libertarian political agenda. Consensus does not provide trust. Delayed blockchain adoption, in particular in traditional financial institutions, is natural, since the technology does not show better results than current digital solutions, and traditional economic institutions have greater public trust. The practical implications of the findings are that they may be used by investors.

Electronic Payment Systems in Electronic Commerce

2020 ◽  
pp. 114-139
Author(s):  
Rana Atabay Kuscu ◽  
Yasemin Cicekcisoy ◽  
Umit Bozoklu
Keyword(s):  
Electronic Commerce ◽  
Web Sites ◽  
Payment System ◽  
The Internet ◽  
Electronic Payment ◽  
Payment Systems ◽  
Payment Methods ◽  
Digital World ◽  
Technological Advances ◽  
Block Chaining

Technological advances and correspondingly the spreading usage of the Internet have significantly changed commerce, and also the concept of money has become more abstract. Customers with the help of the technological advances don't have the necessity of cash money, and consumers/firms tend towards alternative payment methods. At this point, electronic commerce (e-commerce) web sites have started to use block chaining payment methods. In this digital world, new payment technologies have started to spread far and wide thanks to fast improvements in payment technologies, and they offer different options in payment methods. Each electronic payment (e-payment) system has some advantages; however, each of them has some disadvantages as well. The aim of this study is to investigate the e-payment systems which are different from traditional payment methods.

Agents and Payment Systems in E-Commerce

2005 ◽  
pp. 93-97
Author(s):  
Sheng-Uei Guan
Keyword(s):  
Electronic Commerce ◽  
Transaction Costs ◽  
Business Models ◽  
New Technologies ◽  
Mobile Internet ◽  
The Internet ◽  
Open Market ◽  
Payment Systems ◽  
Monetary Value

An emerging outcome of the popularization of the Internet are electronic commerce and payment systems, which present great opportunities for businesses, reduce transaction costs, and provide faster transaction times. More research has been conducted with new technologies like mobile Internet used by business models (Baek & Hong, 2003). However, before using the Internet, it is essential to provide security in transferring monetary value over the Internet. A number of protocols have been proposed for these secure payment systems, including NetBill, NetCheque, Open Market, iKP, Millicent, SET (Sherift, 1998), E-Cash (Brands, 1995), NetCash, CAFÉ (Mjolsnes, 1997), EMV cards (Khu-Smith & Mitchell, 2002), etc. These systems are designed to meet diverse requirements, each with particular attributes.

Current Trends in Integrating the Blockchain With Cloud-Based Internet of Things

2021 ◽  
pp. 98-108
Author(s):  
Anchitaalagammai J. V. ◽  
Kavitha S. ◽  
Murali S. ◽  
Hemalatha P. R. ◽  
Subanachiar T.
Keyword(s):  
Internet Of Things ◽  
Data Storage ◽  
Third Party ◽  
The Internet ◽  
Cloud Data ◽  
Blockchain Technology ◽  
History Of ◽  
Stable Growth ◽  
New Generation ◽  
The Internet Of Things

Blockchains are shared, immutable ledgers for recording the history of transactions. They substitute a new generation of transactional applications that establish trust, accountability, and transparency. It enables contract partners to secure a deal without involving a trusted third party. The internet of things (IoT) is rapidly changing our society to a world where every “thing” is connected to the internet, making computing pervasive like never before. It is increasingly becoming a ubiquitous computing service, requiring huge volumes of data storage and processing. The stable growth of the internet of things (IoT) and the blockchain technology popularized by cryptocurrencies has led to efforts to change the centralized nature of the IoT. Adapting the blockchain technology for use in the IoT is one such efforts. This chapter focuses on blockchain-IoT research directions and to provide an overview of the importance of blockchain-based solutions for cloud data manipulation in IoT.

scholarly journals Study on the Development Strategy of Ant Financial

2019 ◽  
Vol 10 (5) ◽  
pp. 262
Author(s):  
Ximeng Zhang ◽  
Myeong Cheol Choi
Keyword(s):  
Financial Services ◽  
Development Process ◽  
Developed Countries ◽  
Internet Banking ◽  
Internet Technology ◽  
The Internet ◽  
Financial Industry ◽  
Finance Industry ◽  
Advantages And Disadvantages ◽  
Internet Finance

Convergence of Internet technology and traditional financial industry has created a new field of Internet finance. Nowadays, China has a very large Internet user base and application market. With the application and development of the Internet, China has become one of the most developed countries that use Internet banking services and has the highest number of Internet finance users. Ant Financial is the first to enter the Internet financial market, and has now become a representative of China’s Internet finance industry due to its extensive layout and rich business. Most of the previous research has only studied a part of Ant Financial without an analytical framework. Therefore, this study intends to investigate the history, development process, and success factors of Ant Financial. The contents of this paper are as follows. First, the development process and the current situation of Ant Financial Services are expounded. Second, the advantages and disadvantages of the current development process are analyzed by the SWOT analysis technique. Through the comparison of the research results, the guiding opinions for the development of Ant Financial Services are proposed. Finally, summary of the success reasons and future prospects for development are presented.

scholarly journals PKI Validation and Encryption Scheme for Secure UTM Online Payment System

2018 ◽  
Vol 8 (1) ◽  
Author(s):  
Raziman Zakaria ◽  
Mohd Murtadha Mohamad
Keyword(s):  
System Security ◽  
Payment System ◽  
The Internet ◽  
Encryption Scheme ◽  
Goods And Services ◽  
Payment Methods ◽  
Online Payment ◽  
Payment Gateway

Online payment system have recently emerged as one of the available payment methods in purchase of goods and services over the Internet. However the acceptance of this system by users is not fully achieved because of concern about the system security and how its manages the privacy of user information. One of the most challenging issues associated with online payment system is securing the communication between the client and payment gateway. PKI validation and encryption scheme is designed to handle problem of sending transaction as plaintext between clients and UTM online payment system and to authorize the clients that sent the transaction to the payment gateway. The scheme are proposed to increase the level of security in UTM online payment system. To test the performance of PKI validation and encryption scheme, several simulation are conducted together with the comparison with other algorithm.

scholarly journals Privacy protection for fog computing and the internet of things data based on blockchain

2020 ◽  
Author(s):  
Yanhui Liu ◽  
Jianbiao Zhang ◽  
Jing Zhan
Keyword(s):  
Internet Of Things ◽  
Access Control ◽  
Data Storage ◽  
Data Transfer ◽  
Fog Computing ◽  
Single Point ◽  
The Internet ◽  
Least Significant Bit ◽  
Blockchain Technology ◽  
The Internet Of Things

Abstract With the development of the Internet of Things (IoT) field, more and more data are generated by IoT devices and transferred over the network. However, a large amount of IoT data is sensitive, and the leakage of such data is a privacy breach. The security of sensitive IoT data is a big issue, as the data is shared over an insecure network channel. Current solutions include symmetric encryption and access controls to secure the data transfer, but they have some drawbacks such as a single point of failure. Blockchain is a promising distributed ledger technology that can prevent the malicious tampering of data, offering reliable data storage. This paper proposes a distributed access control system based on blockchain technology to secure IoT data. The proposed mechanism is based on fog computing and the concept of the alliance chain. This method uses mixed linear and nonlinear spatiotemporal chaotic systems (MLNCML) and the least significant bit (LSB) to encrypt the IoT data on an edge node and then upload the encrypted data to the cloud. The proposed mechanism can solve the problem of a single point of failure of access control by providing the dynamic and fine-grained access control for IoT data. The experimental results of this method demonstrated that it can protect the privacy of IoT data efficiently.

E-Business Commerce Agents and Payment Systems

2011 ◽  
pp. 279-283
Author(s):  
Sheng-Uei Guan
Keyword(s):  
Credit Card ◽  
Business Models ◽  
New Technologies ◽  
Mobile Internet ◽  
The Internet ◽  
Open Market ◽  
Payment Systems ◽  
Agent Based ◽  
Payment Scheme ◽  
Payment Schemes

In emerging outcome of the popularization of the Internet is the electronic commerce and payment systems, which present great opportunities for businesses, reduce transaction costs, and provide faster transaction time. Research has been conducted with new technologies, like mobile Internet used by business models (Baek & Hong, 2003). However, before using the Internet, it is essential to provide security in transferring monetary value over the Internet. Quite a number of protocols have been proposed for these secure payment systems, including NetBill, NetCheque, Open Market, iKP, Millicent, SET (Sherift & Serhrouchni, 1998), E-Cash (Brands, 1995), NetCash, CAFÉ (Mjolsnes & Michelson, 1997), EMV cards (Khu-Smith & Mitchell, 2002), and so forth. These systems are designed to meet diverse requirements, each with particular attributes. Automation and intelligence is another issue that poses challenges in the development of e-commerce. Agent technology has been incorporated into the area of e-commerce to provide automation and intelligence for the e-trade process. Agent is a software program, which is capable of accomplishing tasks autonomously on behalf of its user. Agents must provide highly trustworthy consistency and fault tolerance to avoid eavesdropping and fraud. Also, they should have roaming capability so as to extend their capabilities well beyond the limitations of owners’ computers. This article will discuss some related components under the Secure Agent Fabrication, Evolution, and Roaming (SAFER) architecture (Guan & Hua, 2003; Guan & Yang, 2004; Guan & Zhu, 2002; Ng, Guan, & Zhu, 2002; Zhu, Guan, Yang, & Ko, 2000) and propose an agent-based payment scheme for SAFER. Different types of electronic payment systems have been developed to meet their diverse requirements, which generally include integrity, authorization, confidentiality, availability, and reliability for security requirements (Asokan & Johnson, 1997). Payment systems can be classified in a variety of ways according to their characteristics (Dahab & Ferreira, 1998), such as the exchange model (cash like, check like or hybrid), central authority contact (online or offline), hardware requirements (specific or general), payment amount (micropayment), and so forth. Among all the available payment schemes in the market, e-cash is one of the best in terms of security, flexibility, and full anonymity. E-cash is a cash-like online system that uses electronic coins as tokens. E-cash has its unique advantages, such as flexibility, integrity, and full anonymity that cannot be found in electronic check and credit card-based systems. It uses cryptographic techniques to provide full anonymity. The agent based payment scheme for SAFER adopts some similar principles and concepts of e-cash.

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