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Second, this eliminates the need to generate a public/private key pay for each coin. This is nottrue with e-commerce. Her nationality, publickey, and account number are publicly displayed on the verifier's website. Add to that the fact that this nascent technology has barely begun to show a profit for its practitioners, and it is clear that in the short term we will continue to see a variety of implementation models being tested and tweaked.

The us moved decisively into the latter camp after the attacks of september 11, 2001, when the us government began requiring more companies to monitor financial transactions and report suspicious behavior to government authorities.

Registration systems reduce the risk in electronic commerce by establishing trust through authentication and nonrepudiation using set standards, which in turn drives cost efficiencies and opens new avenues for commerce. What this means is that there has to be at least one verification key on the platform thatwe can be confident has not been modified since manufacture and which provides an‘anchor’ for trust in the terminal.



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5As would be the case with computer viruses or applications that have hidden execution modes. For each verifier account [v,a], a customer also establishes a relationship with one or more notaries. This should be possible even if the parties in a transaction and operators of the system itself cooperate to falsify records. It should also be illegalfor customers to provide inaccurate information to a verifier.

All of the fields associated with a new record in this database are transmitted back to the customer as a receipt. Auditors can check her identity ifnecessary. For example, such a certificate couldindicate that the keyholder is a medical doctor or a lawyer. It is not sufficient to simply submit t to the notary, for two reasons.

Electronic commerce depends on the use of electronicdigital signatures, certificates & electronic commerceversion 1. 1, Revised 8th june 1999 page 8smart card and will have to apply this to digital data of some kind. The consumer's credit information is sent to a transaction server that can accept a variety of electronic payments, just as a physical store can accept credit- or debit-card information. Traditional commerce generates paper trails that are difficultto alter or forge, like cash register logs, signed bills of sale, and shipping records.

It alsoembodies a capability for certificate extensions and these can be marked as critical ornon-critical so that any extra features that they offer can be controlled. Highlights of recommendations· electronic commerce vendors should be required to keep verifiable records for tax audits.

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