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Digital Currency Scheme with Offline Payment and Financial Crime Combating Law Enforcement

Aghaour, Amir Mohammad | 2023

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  1. Type of Document: M.Sc. Thesis
  2. Language: Farsi
  3. Document No: 56481 (19)
  4. University: Sharif University of Technology
  5. Department: Computer Engineering
  6. Advisor(s): Amini, Morteza
  7. Abstract:
  8. The security and convenience of digital payment methods have made them an essential part of people's daily lives. As a result, the possibility of using these methods in an offline environment without the need to communicate with the payment service provider is of great importance. To make this possible, a digital currency system should enable users to securely control their assets without the help of an intermediary and act according to established laws to combat financial crimes. Otherwise, this system will not be usable by the public or on a large scale. To solve this problem, a scheme with the possibility of offline payment by customers, prevention and detection of double spending by merchants, and operation without dependance on secure hardware, while maintaining the necessary tools to detect and reduce the risk of financial crimes is presented. The provided solution is designed based on a token-based digital currency system that allows users to detect double spending by sharing a set of spent tokens with each other by utilizing a customized data structure based on the Bloom filter. In addition, to prevent double spending, the payment protocol is designed such that the buyer uses a random token for each transaction. In the proposed solution, by setting the expiration date for tokens, maintaining the transaction history, and controlling the assets transferred to the offline environment by the token manager, it is possible to track tokens and transaction volume to detect and deal with financial crimes. To evaluate the performance of the solution in real-world conditions, agent-based modeling is applied. The results show that the designed system enables successful and valid transactions in the offline environment with an acceptable probability
  9. Keywords:
  10. Cryptocurrency ; Financial Crime Combating Laws ; Offline Payment ; Secure Electronic Transaction ; Privacy Preserving

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