Provided by: Institute of Electrical & Electronic Engineers
Date Added: Aug 2013
Cashless payments are now-a-days ubiquitous and decentralized digital currencies like Bitcoin are increasingly used as means of payment. However, due to the delay of the transaction confirmation in Bitcoin, it is not used for payments that rely on quick transaction confirmation. The authors present a concept that addresses this drawback of Bitcoin and allows it to be used for fast transactions. They evaluate the performance of the concept using double-spending attacks and show that, employing their concept, the success of such attacks diminishes to less than 0.09%.