Abstract:
We present a cryptographic protocol for securing electronic commerce over the Internet. The protocol reflects existing transaction models in two respects: (1) it uses only traditional parties to complete a financial transaction and so the transaction cost is kept low; and (2) it preserves some important features of the conventional transaction systems, which have been the key elements for the conventional systems to thrive. We will reason the importance of these properties for electronic commerce over the Internet. 1
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