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Auditors can determine his identity if necessary, but software vendors know only his account number. Policymakers should penalize those whoignore credentials in cases where they could be available, and only those cases. How would anyone know that services provided by a private company are trustworthy?Government should support voluntary accreditation of verifiers and notaries. Third, it greatly reduces the size of multi-coin payment messages.

For example, if this transaction is a software purchase, d might include a description of the software, the price, the date, and the time. For example, commercial vendors must show records tostockholders and tax auditors.

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Many current laws and regulations require written records, written signatures, orwritten timestamps. Com, (508) 481-64001operates, which requires that some flexibility on issues of privacy and security be built into the technology. For example, a consumer may be connected to a merchant through a wireless local-area network, but the consumer has no direct internet connection. Rather thanfight over which sacrifice to make, we should create an environment in which theseobjectives are compatible.



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This prevents a vendor from keepingmultiple sets of electronic records, and deciding which to reveal when audited. The payment system agent can then update m(p) to reflect the money that has been spent. 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. Law-abiding individuals use encryption to promote security, but criminals canuse it to evade law enforcement.

Consumers must know that their financial information is confidential; this is accomplished with electronic wallets or credit-card software at the consumer's end point. One needs to use names that are both unique and meaningful to the viewer of thename. • Flexible anonymity policies: In countries where privacy is greatly valued, such as russia, pay cash users demand the ability to send and receive money without revealing personal information to anyone, including the operator of the payment system. In the case of digital signatures, the process is much morecomplicated.

The checking of signatures on certificates is an important part of any signatureverification process and this means that ‘signature verification terminals’ will need to haveaccess to a number of signature verification keys. The values of k and vk are placed on open display, perhaps on a web site. This must be done in a manner that protects the records, timestamps, and author information, but never compromises privacy.

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