We present a scalable architecture for electronic retail payments via central bank digital currency and offer a solution to the perceived conflict between robust regulatory oversight and consumer affordances such as privacy and control. Our architecture combines existing work in payment systems and digital currency with a new approach to digital asset design for managing unforgeable, stateful, and oblivious assets without relying on either a central authority or a monolithic consensus system. Regulated financial institutions have a role in every transaction, and the consumer affordances are achieved through the use of non-custodial wallets that unlink the sender from the recipient in the transaction channel. This approach is fully compatible with the existing two-tiered banking system and can complement and extend the roles of existing money services businesses and asset custodians.
CITATION STYLE
Goodell, G., Toliver, D. R., & Nakib, H. D. (2023). A Scalable Architecture for Electronic Payments. In Lecture Notes in Computer Science (including subseries Lecture Notes in Artificial Intelligence and Lecture Notes in Bioinformatics) (Vol. 13412 LNCS, pp. 645–678). Springer Science and Business Media Deutschland GmbH. https://doi.org/10.1007/978-3-031-32415-4_38
Mendeley helps you to discover research relevant for your work.