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Shopping Cart Service, and paypal web hosting information: Intermediaries like netbill collect this information during each transaction as a means of providing atomicity [20]. 1: Producing tamper-proof recordslike chaum’s electronic coins, the pay cash system is based on the electronic currency concept. In the third example – the ‘digital passport’ – the other government is not likely to becompensated if things go wrong but the passport is likely to be valid and they canreasonably expect any required extradition request will succeed. The mechanisms of the system are presented in section 4.

Section 4: The suitability of chaum’s electronic coinsas described in the previous section, the pay cash system is designed to provide a user with a level of privacy and anonymity that is appropriate to the country where that user resides. Only payment system’s agent (which we call the payment authorizer) can “mint” a coin because only this agent can4apply the function g-1(. The laws of commerce, which were established in a marketplace where sellers andbuyers met face-to-face, cannot be expected to meet the needs of electronic commerce, therapidly expanding use of computer and communications technology in the commercialexchange of products, services, and information.

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If a card is provided, theclient will be expected to sign the card but the company will not seek independentverification that this signature is truly that of the client in question. This is surprisingsince many believe these risks are more likely to occur and more difficult to overcome. Third, it greatly reduces the size of multi-coin payment messages. As a result, a recipient of funds may have to make change, which complicates a transfer, and then both sender and recipient need the ability to contact the agent.

Entities that are not subject to audits, including most consumers, would be largelyunaffected by this system.



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