A flexible instant payment system based on blockchain

Lin Zhong, Huili Wang, Jan Xie, Bo Qin, Joseph K. Liu, Qianhong Wu

Research output: Chapter in Book/Report/Conference proceedingConference PaperResearch

1 Citation (Scopus)

Abstract

Improving the throughput of blockchain systems such as Bitcoin and Ethereum has been an important research problem. Off-chain payments are one of the most promising technologies to tackle this challenge. Once a payment channel, however, is established there exists a strict one-one correspondence between a payee and prepayments, which reduces the flexibility of off-chain payments. In this paper, we propose a flexible instant payment system (FIPS) based on blockchain to improve the flexibility of off-chain payments. In the FIPS system, there exists a depositor who locks enough amounts of tokens on the chain, and supervises payers to make off-chain payments. Therefore, payers can pay to multiple payees off-chain without double-spending. Even the depositor colludes with the payer, and performs double-spending attacks, payees will not suffer any losses as they can withdraw their tokens from the locked tokens of the depositor. Besides, payers can allocate flexibly the prepayments off-chain, and all transactions are settled off-chain. We present a formal generic construction for the FIPS system, prove its security strictly, analyze its related properties, and compare with related schemes in detail. Analyses show that our scheme is flexible and practical.

Original languageEnglish
Title of host publicationInformation Security and Privacy
Subtitle of host publication24th Australasian Conference, ACISP 2019 Christchurch, New Zealand, July 3–5, 2019 Proceedings
EditorsJulian Jang-Jaccard, Fuchun Guo
Place of PublicationCham Switzerland
PublisherSpringer
Pages289-306
Number of pages18
ISBN (Electronic)9783030215484
ISBN (Print)9783030215477
DOIs
Publication statusPublished - 2019
EventAustralasian Conference on Information Security and Privacy 2019 - Christchurch, New Zealand
Duration: 3 Jul 20195 Jul 2019
Conference number: 24th
https://acisp19.canterbury.ac.nz/

Publication series

NameLecture Notes in Computer Science
PublisherSpringer
Volume11547
ISSN (Print)0302-9743
ISSN (Electronic)1611-3349

Conference

ConferenceAustralasian Conference on Information Security and Privacy 2019
Abbreviated titleACISP 2019
CountryNew Zealand
CityChristchurch
Period3/07/195/07/19
Internet address

Keywords

  • Blockchain
  • Cryptocurrency
  • Double-spending
  • Flexibility
  • Off-chain payment

Cite this

Zhong, L., Wang, H., Xie, J., Qin, B., Liu, J. K., & Wu, Q. (2019). A flexible instant payment system based on blockchain. In J. Jang-Jaccard, & F. Guo (Eds.), Information Security and Privacy: 24th Australasian Conference, ACISP 2019 Christchurch, New Zealand, July 3–5, 2019 Proceedings (pp. 289-306). (Lecture Notes in Computer Science ; Vol. 11547 ). Springer. https://doi.org/10.1007/978-3-030-21548-4_16