Journal
FINANCIAL CRYPTOGRAPHY AND DATA SECURITY, FC 2017
Volume 10322, Issue -, Pages 321-339Publisher
SPRINGER INTERNATIONAL PUBLISHING AG
DOI: 10.1007/978-3-319-70972-7_18
Keywords
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Funding
- NSF [CNS-1421689, 1545759, DGE 1148900]
- Division Of Computer and Network Systems
- Direct For Computer & Info Scie & Enginr [1545759] Funding Source: National Science Foundation
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We consider the problem of buying physical goods with cryptocurrencies. There is an inherent circular dependency: should be the buyer trust the seller and pay before receiving the goods or should the seller trust the buyer and ship the goods before receiving payment? This dilemma is addressed in practice using a third party escrow service. However, we show that naive escrow protocols introduce both privacy and security issues. We formalize the escrow problem and present a suite of schemes with improved security and privacy properties. Our schemes are compatible with Bitcoin and similar blockchain-based cryptocurrencies.
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