A Secure Large-Scale Multi-Party Payment System Based on Blockchain

Abstract

In the current blockchain system, the transaction costs and network congestion are increasing, thus the transaction rate is lower, which limits the wide application of blockchain system. In order to address this problem, this paper proposes a secure large-scale multi-party payment (SLMP) system. When our SLMP is applied to the current blockchain system, its capacity is expanding, thus the forementioned problem is solved. The SLMP employs an off-chain payment channel and aggregating multi-signatures with public-key aggreation (AMSP). The security of the proposed system is similar to Bitcoin network. And the proposed system can support large-scale off-chain transactions, and the vendor can conduct aggregate signature on all final payment transactions of payers before the specified time. This modification allow nodes (miner) to validate all transactions at once, thus SLMP is efficient, we also give security proof of our SLMP. Moreover, SLMP system allows offline and off-chain transactions, which means our system is flexible in remote or geographically disastrous areas where communications infrastructure is inadequate or damaged.