Practical E-Payment Scheme

E-payment is now one of the most central research areas in ecommerce, mainly regarding online and offline payment scenarios. Customers are generally passive in e-commerce transaction. Relied on a blind signature, this paper introduces an e-payment protocol, in which customers have more initiative, and can terminate the transaction before possible cheats, its security is enhanced. Moreover, the cost of workers and communications falls down considerably while the cost of trusted authority and protecting information is increased. As there is no trusted authority in the proposed scheme, network overcrowding and conspiracy problems can be avoided. Furthermore, the protocol satisfies fairness and non-repudiation. This helps merchant and bank to speed up the financial transaction process and to give user instant services at any time. Also, in this paper, we will discuss an important e-payment protocol namely pay-word scheme and examine its advantages and limitations, which encourages the authors to improve the scheme that keeps all characteristics intact without compromise of the security robustness. The suggested protocol employs the idea of blind signature with the thought of hash chain. We will compare the proposed protocol with pay-word protocol and demonstrate that the proposed protocol offers more security and efficiency, which makes the protocol workable for real world services.