E-commerce payment model using blockchain

Abstract

The current e-commerce payment systems for credit or check cards require a payment gateway (PG). This incurs PG fees, which in turn increases the cost of engaging in e-commerce. This paper proposes a simple payment model that uses basic cryptocurrency features, such as public key, private key, and digital signature, to eliminate the need for transaction intermediaries such as public key certificate and PG. This model can process e-commerce payments without registering additional public key certificate, public key, or private key. The use of a digital signature guarantees the integrity and nonrepudiation of electronic payments, besides eliminating the fees for intermediary services such as PG, thereby reducing the overall cost of operating e-commerce services. This proposal is crucial as it is the first attempt to apply blockchain technology to e-commerce payment services. In addition, our model is important because it not only supports the evolution of e-commerce payment technology but also enhances the competitive advantage of using e-commerce.

Cyber Security Intelligence and Ethereum Blockchain Technology for E-commerce

“…To indulge multiple third parties can be reason of risk with failed transaction status in current payment system, hence the security element [20] is very essential for satisfaction of customers and the loss of trust leading for customer information and money shared among organization and customer can impact negative throughout. In addition, we can fix these problems and improve our financial system blockchain technology is quite trending for creating decentralized applications.…”

Troubleshooting Payment Journey In Multilayer System Using Blockchain Technology

“…It is processing transactions electronically via the Internet, and this process contains a lot of information describing payment details, such as payment methods and customer information. The payment journey is the process of tracking payment request between multiple components in the business channel until completion and success, as shown in Figure 1 [21]. Inside business channel, there are many components used to process and verify many different aspects of payment transactions.…”

Porovnanie platobných brán

“…Z toho dôvodu sú platobné systémy a elektronické platby rozhodujúcim a podstatným faktorom elektronického obchodu. [3,4]…”