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Internet commerce has become almost entirely dependent on financial institutions as trusted third parties for electronic payments. Although the system is able to process most transactions efficiently, it has some inherent flaws due to the trust-based model.
Because financial institutions are unable to avoid mediation, it is impossible for transactions to be completely non-reversible. Mediation costs increase transaction costs. This limits the transaction size and cuts off the possibility of small casual transactions. There is also a greater cost to the ability to make non-reversible payment for nonreversible services. Trust is essential because of the possibility that a transaction can be reversed. Merchants should be cautious about their customers and not ask them for more information than they might otherwise need.
Acceptance of fraud in some cases is not possible. These payments and costs can be avoided by using physical currency. However, there is no way to send money over the internet without a trusted party.
An electronic payment system that relies on cryptographic proof rather than trust is what is required. This allows any two parties to transact directly without the need for a third party.Transactions that are difficult to reverse could protect sellers from fraud. Routine escrow mechanisms could be easily implemented to protect buyers. We propose a solution for double-spending using a peer to peer distributed timestamp server to create computational proof of the chronological ordering of transactions. As long as the system has more CPU power than any group of attackers, it is secure.
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