CHAINGE: A Blockchain Solution to Automate Payment Detail Updates to
Subscription Services
- URL: http://arxiv.org/abs/2108.12705v1
- Date: Sat, 28 Aug 2021 21:00:33 GMT
- Title: CHAINGE: A Blockchain Solution to Automate Payment Detail Updates to
Subscription Services
- Authors: David Buckley, Gueltoum Bendiab, Stavros Shiaeles, Nick Savage,
Nicholas Kolokotronis
- Abstract summary: We propose a novel approach to automate, manage and simplify the process of updating and managing payments to user subscriptions.
This is done by utilising the Hyperledger Sawtooth blockchain framework.
The card being updated triggers an event on the blockchain, which allow for the payment details to be updated on subscription systems automatically.
- Score: 2.309914459672557
- License: http://arxiv.org/licenses/nonexclusive-distrib/1.0/
- Abstract: The rise of the subscription-based business model has led to a corresponding
increase in the number of subscriptions where a customer needs to manage their
payments. This management of payments for multiple subscriptions has become a
very complicated and insecure task for customers, especially when it comes to
renewing payment details when the card is lost, stolen, or expires. In
addition, this, mostly manual, process is vulnerable to human error, digital
frauds, and data breaches, according to security reports. Thus, in this paper,
we propose a novel approach to automate, manage and simplify the Financial
Supply Chain involved in the process of updating and managing payments to user
subscriptions. This is done by utilising the Hyperledger Sawtooth blockchain
framework, that allows a consumer to enter their payment card details in a
central digital wallet and link their subscriptions to their cards. The card
being updated triggers an event on the blockchain, which allow for the payment
details to be updated on subscription systems automatically. The verification
tests performed on the prototype of the proposed system shows that its current
implementation has been securely achieved.
Related papers
- The Latency Price of Threshold Cryptosystem in Blockchains [52.359230560289745]
We study the interplay between threshold cryptography and a class of blockchains that use Byzantine-fault tolerant (BFT) consensus protocols.
Existing approaches for threshold cryptosystems introduce a latency overhead of at least one message delay for running the threshold cryptographic protocol.
We propose a mechanism to eliminate this overhead for blockchain-native threshold cryptosystems with tight thresholds.
arXiv Detail & Related papers (2024-07-16T20:53:04Z) - Private Blockchain-based Procurement and Asset Management System with QR Code [0.0]
The developed system aims to incorporate a private blockchain technology in the procurement process for the supply office.
The procurement process includes the canvassing, purchasing, delivery and inspection of items, inventory, and disposal.
The study recommends the use of private blockchain-based technology with the procurement and asset management system in the supply office.
arXiv Detail & Related papers (2024-07-12T15:27:36Z) - VELLET: Verifiable Embedded Wallet for Securing Authenticity and Integrity [0.6144680854063939]
This paper proposes a new protocol to enhance the security of embedded wallets.
Our VELLET protocol introduces a wallet verifier that can match the audit trail of embedded wallets on smart contracts.
arXiv Detail & Related papers (2024-04-05T03:23:19Z) - Buck You: Designing Easy-to-Onboard Blockchain Applications with Zero-Knowledge Login and Sponsored Transactions on Sui [9.09470574768199]
We developed a blockchain application to demonstrate the functionality of Sui's recent innovations: Zero Knowledge Login and Sponsored Transactions.
Zero Knowledge Login allows users to create and access their blockchain wallets just with their OAuth accounts.
Sponsored Transactions eliminate the need for users to prepare transaction fees, as they can delegate fees to sponsors' accounts.
arXiv Detail & Related papers (2024-04-05T00:35:12Z) - From Hardware Fingerprint to Access Token: Enhancing the Authentication on IoT Devices [33.25850729215212]
We present MCU-Token, a secure hardware fingerprinting framework for MCU-based IoT devices.
MCU-Token can achieve high accuracy (over 97%) with a low overhead across various IoT devices and application scenarios.
arXiv Detail & Related papers (2024-03-22T15:15:28Z) - A Dual-Level Cancelable Framework for Palmprint Verification and Hack-Proof Data Storage [28.712971971947518]
Existing systems often use cancelable technologies to protect templates, but these technologies ignore the potential risk of data leakage.
We propose a dual-level cancelable palmprint verification framework in this paper.
arXiv Detail & Related papers (2024-03-05T06:09:35Z) - Transaction Capacity, Security and Latency in Blockchains [35.16231062731263]
We analyze how secure a block is after the block becomes k-deep, i.e., security-latency, for Nakamoto consensus.
We compare our results for Nakamoto consensus under bounded network delay models and obtain analogous bounds for safety violation threshold.
arXiv Detail & Related papers (2024-02-15T17:43:13Z) - A Proposal for a Lean and Functional Delivery versus Payment across two Blockchains [6.683852215353864]
A payment chain operator hosts a stateless decryption service that allows decrypting messages with his secret key.
A "Payment Contract" is deployed on the payment chain that implements a function transferAndDecrypt(uint id, address from, address to, string keyEncryptedSuccess, string keyEncryptedFail)
The respective key can then trigger an associated transaction, e.g. claiming delivery by the buyer or re-claiming the locked asset by the seller.
arXiv Detail & Related papers (2023-11-10T10:03:53Z) - A Novel Approach for Invoice Management using Blockchain [0.0]
Using a blockchain-based invoicing system will enable smooth payments from a customer's digital wallet to a business's digital wallet.
Transactions are simple to track and monitor, and the blockchain may be used to retrieve an exchange's full history.
Technology can revolutionize the invoicing and payment process by providing a secure, transparent and tamper-proof system.
arXiv Detail & Related papers (2023-09-06T18:26:40Z) - Securing Blockchain Systems: A Novel Collaborative Learning Framework to Detect Attacks in Transactions and Smart Contracts [26.85360925398753]
This paper presents a novel collaborative learning framework designed to detect attacks in blockchain transactions and smart contracts.
Our framework exhibits the capability to classify various types of blockchain attacks, including intricate attacks at the machine code level.
Our framework achieves a detection accuracy of approximately 94% through extensive simulations and real-time experiments with a throughput of over 2,150 transactions per second.
arXiv Detail & Related papers (2023-08-30T07:17:20Z) - Feature-Level Fusion of Super-App and Telecommunication Alternative Data
Sources for Credit Card Fraud Detection [106.33204064461802]
We review the effectiveness of a feature-level fusion of super-app customer information, mobile phone line data, and traditional credit risk variables for the early detection of identity theft credit card fraud.
We evaluate our approach over approximately 90,000 users from a credit lender's digital platform database.
arXiv Detail & Related papers (2021-11-05T19:10:35Z)
This list is automatically generated from the titles and abstracts of the papers in this site.
This site does not guarantee the quality of this site (including all information) and is not responsible for any consequences.