An Optimistic Fair Peer-to-Peer Payment System

Abstract

As a decentralized technology, peer-to-peer architecture arises as a new model for electronic commerce transaction in the last few years; consequently there is a need for a scheme to incorporate payment services to enable electronic payment via peer-to-peer systems. In this paper, a transferable token scheme is proposed for peer-to-peer payment system, in which the tokens can float from a peer to another. When this kind of token is used, the fraud such as double spending can be found out but the broker need not be involved online in the payment. A new optimistic fair payment protocol for peer-to-peer transaction is presented. The arbitrator (i.e. trusted third party) need not be involved into the normal exchanges unless the disputes occur.