Development of E-Cash

7/28/2019 Development of E-Cash

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PROJECT GUIDED BY:

Dr. S. Sudalai Muthu

Department of Banking Technology

School of Management

By

G. Karamchand
http://www.pondiuni.edu.in/department/department-banking-technologyhttp://www.pondiuni.edu.in/schools/school-managementhttp://www.pondiuni.edu.in/schools/school-managementhttp://www.pondiuni.edu.in/department/department-banking-technology


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E-Payment Security

Keep financial data secret from unauthorized parties (privacy CRYPTOGRAPHY

Verify that messages have not been altered in transit (integrity

HASH FUNCTIONS

Prove that a party engaged in a transaction (nonrepudiation) DIGITAL SIGNATURES

Verify identity of users (authentication)

PASSWORDS, DIGITAL CERTIFICATES


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Propose System I

Outline

Registration

Payment Protocol

Payment Transaction


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Registration

RBI issue E-money by a registration protocol

A Descriptor Dx (A term used to describe or identify of E-money is stored in database)

Dx

= gMx mod n

Structure of E-money

Mx= f(Sx,Rx)

Sx:( Signed 64 bit) Rx:Random Number

A user request through an untraceable channel for the manager to register the

money

Manager Generate a pair of key (Ku-user key and Km- money Key) and anIdentifier ID.

Messagecustomer= [ID,Ku,Km,Rx]

Mx= f(0,Rx)

Where g is a primitive root of modulo n. g and n are public information of the system


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Architecture of E-Cash

Customer Regulatory

bodies

Branch Other banks

Corefinancial

services

Paymentsservices

Mutualfund

services

Bill payment,presentment

services

SecurityServices

ServiceBroker

ServiceManager

SAAgent

Bank Server

Knowledge

repositories

E-Cash Service Layer

BusinessLayer

Ap

p.

Layer

Data

Layer

Service Management Layer


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Payment Protocol

Guarantor

2) Check The face value

Payer

1)Face value

Descriptor

3) certification

Recipient

4) Transaction

4) Certification Descriptor

Manager

5) Check The consistency

and update the database


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Payment Protocol

Payer Encrypts a Descriptor Dx, Updates the face valueand random number after transaction and send

Message payer to guarantor. The Guarantor ensures the face

value of money is greater than zero

Mpayer to guarantor = D(Kpriv , E(Kpub,[Dp , Mp, Rp ]))

Decrypt Encrypt

Payer

Guarantor


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Payment Protocol

The Guarantor Check the face value is greater thanzero. Then a certification is issued that shows the face

value is valid. Next the certification is encrypted with

the private key

Certification= E(Kpriv,[Dp , Mp, Rp ])

Encrypt

Guarantor

Payer


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Payment Protocol

Let IDp- Identification for the payers Money

Let Kp- Key Assigned to the payers Money

Let IDr- Identification for the recipients Money

Let Kr- Key Assigned to the recipients Money

RECIPIENT

PAYER


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The Payer sends anAuthenticator

Apayer-manager= E([IDp,Dp,Certification];Kpayer-private);

And encrypts data for themanagerwith private key Kmanager-

private

Mpayer-manager= E([IDp;Dp;Certification;Ap]; Kmanager-private)

Mpayer-recipient = E([Transaction, Mpayer-manager],Krecipient-key)

The Payer sends Transaction with Mpmto the Recipient.

Transaction = [Dp,Mp,Rp,Pay,Certification]

Payment Protocol


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Payment Protocol

The Recipient checks the validity of the

Transaction. Next, the recipient calculates an

authenticator

and encrypts data with a banks key.

Finally the recipient sends Mpband Mrbto the

manager.

Arecipient-manager= E([IDb; Transaction],Krecipient);

Manager

Recipient

Mrecipient-manager= E([IDpayer,Transaction;Arecipient-manager],Kmanager)


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The manager decrypts Mpband Mrb. Next, the manager

checks the consistency and updates descriptors on the

database. Finally, the manager sends the receipts to the

payer and the recipient.

The Descriptor stored into the database after transaction is denoted as

Drecipient= gMrecipientmod n

Dpayer= gMpayermod n


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Structure of Money

Mx= f(Sx,Rx)


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Documents

Development of E-Cash