ElasticPay: Instant Peer-to-Peer Offline Extended Digital Payment System
The widespread reliance on paper-based currency poses significant drawbacks, such as counterfeiting, lack of transparency, and environmental impacts. While Central Bank Digital Currencies (CBDCs) address many of these issues, their dependence on continuous internet connectivity limits their usabilit...
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| Format: | Article |
| Language: | English |
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MDPI AG
2024-12-01
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| Series: | Sensors |
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| Online Access: | https://www.mdpi.com/1424-8220/24/24/8034 |
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| author | Annapureddy Venkata Sai Kumar Reddy Gourinath Banda |
| author_facet | Annapureddy Venkata Sai Kumar Reddy Gourinath Banda |
| author_sort | Annapureddy Venkata Sai Kumar Reddy |
| collection | DOAJ |
| description | The widespread reliance on paper-based currency poses significant drawbacks, such as counterfeiting, lack of transparency, and environmental impacts. While Central Bank Digital Currencies (CBDCs) address many of these issues, their dependence on continuous internet connectivity limits their usability in scenarios with poor or no network access. To overcome such limitations, this paper introduces ElasticPay, a novel Peer-to-Peer (P2P) Offline Digital Payment System that leverages advanced hardware security measures realised through Trusted Platform Modules (TPMs), Trusted Execution Environments (TEEs), and Secure Elements (SEs). ElasticPay ensures transaction privacy, unforgeability, and immediate settlement while preventing double spending. Our approach integrates robust recovery mechanisms and provides a scalable solution for diverse environments. Extensive experimentation validates the system’s reliability and practicality, highlighting its potential to advance secure and inclusive CBDC ecosystems. We demonstrate the proposed solution implementation on the iPhone mobilephone because it has an inbuilt Secure Enclave, which is an integrated implementation of the necessary TPM, TEE, and SE functionalities. |
| format | Article |
| id | doaj-art-2af23f1e8403470da5d40cb807aeee13 |
| institution | Kabale University |
| issn | 1424-8220 |
| language | English |
| publishDate | 2024-12-01 |
| publisher | MDPI AG |
| record_format | Article |
| series | Sensors |
| spelling | doaj-art-2af23f1e8403470da5d40cb807aeee132024-12-27T14:52:47ZengMDPI AGSensors1424-82202024-12-012424803410.3390/s24248034ElasticPay: Instant Peer-to-Peer Offline Extended Digital Payment SystemAnnapureddy Venkata Sai Kumar Reddy0Gourinath Banda1Department of Computer Science and Engineering, Indian Institute of Technology Indore, Indore 453552, IndiaDepartment of Computer Science and Engineering, Indian Institute of Technology Indore, Indore 453552, IndiaThe widespread reliance on paper-based currency poses significant drawbacks, such as counterfeiting, lack of transparency, and environmental impacts. While Central Bank Digital Currencies (CBDCs) address many of these issues, their dependence on continuous internet connectivity limits their usability in scenarios with poor or no network access. To overcome such limitations, this paper introduces ElasticPay, a novel Peer-to-Peer (P2P) Offline Digital Payment System that leverages advanced hardware security measures realised through Trusted Platform Modules (TPMs), Trusted Execution Environments (TEEs), and Secure Elements (SEs). ElasticPay ensures transaction privacy, unforgeability, and immediate settlement while preventing double spending. Our approach integrates robust recovery mechanisms and provides a scalable solution for diverse environments. Extensive experimentation validates the system’s reliability and practicality, highlighting its potential to advance secure and inclusive CBDC ecosystems. We demonstrate the proposed solution implementation on the iPhone mobilephone because it has an inbuilt Secure Enclave, which is an integrated implementation of the necessary TPM, TEE, and SE functionalities.https://www.mdpi.com/1424-8220/24/24/8034central bank digital currencyoffline mobile transactionsecuritytrusted platform moduleattestationprivacy |
| spellingShingle | Annapureddy Venkata Sai Kumar Reddy Gourinath Banda ElasticPay: Instant Peer-to-Peer Offline Extended Digital Payment System Sensors central bank digital currency offline mobile transaction security trusted platform module attestation privacy |
| title | ElasticPay: Instant Peer-to-Peer Offline Extended Digital Payment System |
| title_full | ElasticPay: Instant Peer-to-Peer Offline Extended Digital Payment System |
| title_fullStr | ElasticPay: Instant Peer-to-Peer Offline Extended Digital Payment System |
| title_full_unstemmed | ElasticPay: Instant Peer-to-Peer Offline Extended Digital Payment System |
| title_short | ElasticPay: Instant Peer-to-Peer Offline Extended Digital Payment System |
| title_sort | elasticpay instant peer to peer offline extended digital payment system |
| topic | central bank digital currency offline mobile transaction security trusted platform module attestation privacy |
| url | https://www.mdpi.com/1424-8220/24/24/8034 |
| work_keys_str_mv | AT annapureddyvenkatasaikumarreddy elasticpayinstantpeertopeerofflineextendeddigitalpaymentsystem AT gourinathbanda elasticpayinstantpeertopeerofflineextendeddigitalpaymentsystem |