Cryptocurrency-Based Mobile Payments with Near-Field Communication-Enabled Devices
Authors: Marko Niinimaki
Cryptocurrencies are getting increasingly popular, but very few of them can be conveniently used in daily mobile phone purchases. To solve this problem, we demonstrate how to build a functional prototype of a mobile cryptocurrency-based e-commerce application the communicates with Near-Field Communication (NFC) tags. Using the system, users are able to purchase physical items with an NFC tag that contains an e-commerce URL. The payment is done simply by touching the tag with a mobile device and accepting the payment. Our method is constructive: we describe the design and technologies used in the implementation and evaluate the security and performance of the solution. Our main finding is that the analysis and measurements show that our solution is feasible for e-commerce.
Digital Object Identifier (DOI): doi.org/10.5281/zenodo.2022741Procedia APA BibTeX Chicago EndNote Harvard JSON MLA RIS XML ISO 690 PDF Downloads 315
 S. Nakamoto, "Bitcoin: A Peer-to-Peer Electronic Cash System," 2008. (Online). Available: https://bitcoin.org/bitcoin.pdf.
 A. Nova, "Spending Cryptocurrencies on Everyday Purchases," 2 3 2018. (Online). Available: https://www.cnbc.com/2018/03/02/spending-cryptocurrencies-on-everyday-purchases-is-getting-easier.html.
 Juniper Research, "Mobile Wallet Spending," 30 Jan 2017. (Online). Available: https://www.juniperresearch.com/press/press-releases/mobile-wallet-spend-to-rise-by-more-than-30-this.
 S. Gomzin and D. Itkis, "GRAFT: Decentralized, Real-Time Credit, Debit, and Crypto Payment Processing Blockchain," Graft.network, 2018.
 S. Ghosh, J. Goswami, A. Kumar and A. Majumder, "Issues in NFC as a form of contactless communication: A comprehensive survey.," in Smart Technologies and Management for Computing, Communication, Controls, Energy and Materials, 2015.
 N. Gandal and H. Halaburda, "Competition in the Cryptocurrency Market," Bank of Canada Working Paper 2014-33, Ottawa, Canada, 2014.
 M. Crosby, P. Pattanayak, S. Verma and V. Kalyanaraman, "Blockchain technology: Beyond bitcoin," Applied Innovation, no. 2, Jun 2016.
 A. Narayanan, J. Bonneau, E. Felten, A. Miller and S. Goldfeder, Bitcoin and Cryptocurrency Technologies, Princeton University Press, 2016.
 N. T. Courtois, P. Emirdag and D. A. Nagy, "Could bitcoin transactions be 100x faster?," in Proc SECRYPT, 11th International Conference on Security and Cryptography (SECRYPT), 2014.
 M. O'Brien, "Venezuela’s cryptocurrency is one of the worst investments ever," The Washington Post, 5 March 2018.
 UltraNote.org, "UltraNote White Paper 2.0," 2017. (Online). Available: https://ultranote.org/WHITEPAPER_ULTRANOTE2.0.pdf. (Accessed 20 May 2018).
 V. Coskun, B. Ozdenizci and K. Ok, " A Survey on Near Field Communication (NFC) Technology," Wireless personal communications, vol. 71, no. 3, pp. 2259-2294, 2013.
 Rabbit Card, "Where to use?," 2018. (Online). Available: https://card.rabbit.co.th/en/where-use-top-rabbit.
 M. Chang, W. Cheung and V. Lai, "Literature derived reference models for the adoption of online shopping," Information & Management, vol. 42, p. 543–559, 2004.
 Digital Commerce 360, "U.S. e-commerce sales grow 16.0% in 2017," 16 Feb 2018. (Online). Available: https://www.digitalcommerce360.com/article/us-ecommerce-sales/.
 K. Stoll, M. Ge and M. Hepp, "Understanding the Impact of E-Commerce Software on the Adoption of Structured Data on the Web," in LNBIP, 2013.
 G. Apostolopoulos, V. Peris and D. Saha, "Transport Layer Security: How much does it really cost?," in INFOCOM'99. Eighteenth Annual Joint Conference of the IEEE Computer and Communications Societies, New York, 1999.