A flexible instant payment system based on blockchain

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

doi:10.1007/978-3-030-21548-4_16

A flexible instant payment system based on blockchain

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

Department of Software Systems & Cybersecurity

Research output: Chapter in Book/Report/Conference proceeding › Conference Paper › Research

4 Citations (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 blockchainÂ 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 language	English
Title of host publication	Information Security and Privacy
Subtitle of host publication	24th Australasian Conference, ACISP 2019 Christchurch, New Zealand, July 3–5, 2019 Proceedings
Editors	Julian Jang-Jaccard, Fuchun Guo
Place of Publication	Cham Switzerland
Publisher	Springer
Pages	289-306
Number of pages	18
ISBN (Electronic)	9783030215484
ISBN (Print)	9783030215477
DOIs	https://doi.org/10.1007/978-3-030-21548-4_16
Publication status	Published - 2019
Event	Australasian Conference on Information Security and Privacy 2019 - Christchurch, New Zealand Duration: 3 Jul 2019 → 5 Jul 2019 Conference number: 24th https://acisp19.canterbury.ac.nz/ https://link.springer.com/book/10.1007/978-3-030-21548-4 (Proceedings)

Publication series

Name	Lecture Notes in Computer Science
Publisher	Springer
Volume	11547
ISSN (Print)	0302-9743
ISSN (Electronic)	1611-3349

Conference

Conference	Australasian Conference on Information Security and Privacy 2019
Abbreviated title	ACISP 2019
Country/Territory	New Zealand
City	Christchurch
Period	3/07/19 → 5/07/19
Internet address	https://acisp19.canterbury.ac.nz/ https://link.springer.com/book/10.1007/978-3-030-21548-4 (Proceedings)

Keywords

Blockchain
Cryptocurrency
Double-spending
Flexibility
Off-chain payment

Access to Document

10.1007/978-3-030-21548-4_16

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

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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{\^A} 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.",

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Zhong, L, Wang, H, Xie, J, Qin, B, Liu, JK & 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. Lecture Notes in Computer Science , vol. 11547 , Springer, Cham Switzerland, pp. 289-306, Australasian Conference on Information Security and Privacy 2019, Christchurch, New Zealand, 3/07/19. https://doi.org/10.1007/978-3-030-21548-4_16

A flexible instant payment system based on blockchain. / Zhong, Lin; Wang, Huili; Xie, Jan et al.
Information Security and Privacy: 24th Australasian Conference, ACISP 2019 Christchurch, New Zealand, July 3–5, 2019 Proceedings. ed. / Julian Jang-Jaccard; Fuchun Guo. Cham Switzerland: Springer, 2019. p. 289-306 (Lecture Notes in Computer Science ; Vol. 11547 ).

Research output: Chapter in Book/Report/Conference proceeding › Conference Paper › Research

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AU - Wang, Huili

AU - Xie, Jan

AU - Qin, Bo

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AB - 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 blockchainÂ 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.

KW - Blockchain

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T3 - Lecture Notes in Computer Science

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ER -

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

A flexible instant payment system based on blockchain

Abstract

Publication series

Conference

Keywords

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