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Development of E-Cash

Money lau¬ndering happens in almost every country in the world and to trace out circulation of money is also difficulty for central bank to control demand and supply of money. Money has three functions: Information to show its value, evidence to show it’s validly issued, and a symbol to show who can use it. In this project, we design an E-cash in a circuit system for new payment and settlement method. Money and user are linked by Public key cryptography that implements symbolic function. Symbolic function use to prevent duplicate reuse of money. In this system, Central bank issues the money by combining Unique Identity (UID) of an individual or group and unique number (UNO) for currency will combine together to determine the new structure of money. To keep financial data secret form unauthorized person a descriptor is stored in database using cryptography. Digital signature of buyer and payer is used as evidence. Central bank extract, analyze and report generate from the available data warehouse to trace out the individual transaction. Data mart is represented based on state wise. It helps to control money laundering, circulation of money and tax collection.

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Karam Chand
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103 views19 pages

Development of E-Cash

Money lau¬ndering happens in almost every country in the world and to trace out circulation of money is also difficulty for central bank to control demand and supply of money. Money has three functions: Information to show its value, evidence to show it’s validly issued, and a symbol to show who can use it. In this project, we design an E-cash in a circuit system for new payment and settlement method. Money and user are linked by Public key cryptography that implements symbolic function. Symbolic function use to prevent duplicate reuse of money. In this system, Central bank issues the money by combining Unique Identity (UID) of an individual or group and unique number (UNO) for currency will combine together to determine the new structure of money. To keep financial data secret form unauthorized person a descriptor is stored in database using cryptography. Digital signature of buyer and payer is used as evidence. Central bank extract, analyze and report generate from the available data warehouse to trace out the individual transaction. Data mart is represented based on state wise. It helps to control money laundering, circulation of money and tax collection.

Uploaded by

Karam Chand
Copyright
© Attribution Non-Commercial (BY-NC)
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PPTX, PDF, TXT or read online on Scribd
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By G.

Karamchand

PROJECT GUIDED BY: Dr. S. Sudalai Muthu Department of Banking Technology School of Management

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

Propose System I Outline


Registration Payment Protocol Payment Transaction

Registration
RBI issue E-money by a registration protocol

Sx:( Signed 64 bit)

Rx:Random Number

Structure of E-money

Mx= f(Sx,Rx)
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 an Identifier ID. A Descriptor Dx (A term used to describe or identify of E-money is stored in database)

Mx= f(0,Rx)

Dx= gMx mod n

Messagecustomer= [ID,Ku,Km,Rx]

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

Architecture of E-Cash
App. Layer

Customer

Regulatory bodies

Branch

Other banks

E-Cash Service Layer Business Layer


Core financial services Payments services Mutual fund services Bill payment, presentment services Security Services

Service Management Layer Service Broker Service Manager SA Agent

Data Layer

Bank Server

Knowledge repositories

Payment Protocol
Payer 4) Transaction

Recipient

1)Face value Descriptor

3) certification

4) Certification Descriptor

Guarantor 2) Check The face value

Manager 5) Check The consistency and update the database

Payment Protocol
Payer

Payer Encrypts a Descriptor Dx, Updates the face value and 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

Guarantor

Payment Protocol
Payer

The Guarantor Check the face value is greater than zero. 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

Payment Protocol
Let IDp- Identification for the payers Money
PAYER

Let Kp- Key Assigned to the payers Money

Let IDr- Identification for the recipients Money Let Kr- Key Assigned to the recipients Money
RECIPIENT

Payment Protocol
The Payer sends an Authenticator Apayer-manager = E([IDp,Dp,Certification];Kpayer-private); And encrypts data for the manager with private key Kmanagerprivate

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

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

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

The Payer sends Transaction with Mpm to the Recipient.

Payment Protocol
The Recipient checks the validity of the Transaction. Next, the recipient calculates an authenticator
Arecipient-manager = E([IDb; Transaction],Krecipient); Recipient

and encrypts data with a banks key.


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

Finally the recipient sends Mpb and Mrb to the manager.


Manager

The manager decrypts Mpb and 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

Dpayer = gMpayer mod n Drecipient = gMrecipientmod n

Structure of Money Mx= f(Sx,Rx)

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