Description
TL;DR: A technical treatment of fair exchange that asks how a payer and recipient can complete a blockchain payment-for-receipt transaction without trusting each other.
About This Document
Jian Liu, Wenting Li, Ghassan O. Karame, and N. Asokan define strong timeliness for fair exchange and propose two protocol instantiations that use blockchain functionality. Their goal is an all-or-nothing exchange: either the payer receives the promised receipt and the recipient receives payment, or neither side gains an unfair advantage. The paper implements both approaches and compares their security and efficiency, including the needs of resource-constrained devices.
Why Bitcoin People May Care
Cryptocurrency settlement can be technically valid while the larger exchange remains unfair. This paper isolates that gap and turns it into a protocol-design problem. Bitcoin readers will find a useful bridge between irreversible payment, smart-contract functionality, receipts, and the practical timing constraints that arise when mutually suspicious participants trade digital items.
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Document Details
- Title: Towards Fairness of Cryptocurrency Payments
- Author / organization: Jian Liu, Wenting Li, Ghassan O. Karame, and N. Asokan
- Year: 2016
- Language: English
- Document type: Research paper
- Pages: 13
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