BLOCKCHAIN AND SIGNCRYPTION BASED ELECTRONIC CASH FOR PURE PEER-TO-PEER TRANSACTION

• Main Author: Eka Saputra, Dany
• Format: Dissertations
• Language: Indonesia
• Online Access: https://digilib.itb.ac.id/gdl/view/39596
• Institution: Institut Teknologi Bandung

Electronic cash is a digital representative of money that can be used as legitimate payment method. The electronic cash can be transferred from payer to payee through electronic channel similar to how cash is transferred. Electronic cash can be transferred in peer-to-peer mode, where transaction is conducted between payer and payee without the involvement of centralized entity/server. Although centralized entity is not involved in the transaction, most of existing peer-to-peer electronic cash still involve a third party in its transaction, especially to ensure the security of electronic cash. This research develops a pure peer-to-peer transaction method for electronic cash, where transaction is conducted without the involvement of third party in any kind. The problem with this condition is tho ensure the security of electronic cash data, especially to prevent forgery and detect double spending. This problem become the main issue in this dissertation research. To overcome the problem, electronic cash data is structured as blockchain and stored locally in user’s device. Blockchain is used to ensure the integrity of electronic data from forgery and double spending. Each block in blockchain is linked using identity-based signcryption cryptosystem. The usage of this cryptosystem serves multiple purpose. First, to strengthen the integrity of electronic cash. Second, to serve as a tracing mechanism to determine the identity of double spender. Identity-based signcryption also enable the authentication of payer and payee as a part of transaction without involving any third party. Qualitative analysis using electronic cash model and quantitative analysis using Markov chain prove that the security of electronic cash can be maintained at adequate level. The probability to forge an electronic cash data is negligible. Meanwhile, the identity of double spender can be traced with high level of certainty.