CodeCash: A novel system for mobile and electronic transactions

• Published in: Journal of payments strategy & systems Vol. 14; no. 3; pp. 256 - 267
• Main Author: Chen, Zhuo Qi
• Format: Journal Article
• Language: English
• Published: Henry Stewart Publications 2020
• Subjects: Cash Sequences; Digital Fraud; Mobile Payment; Payment Security; Tokenisation; cash sequences; mobile payment; digital fraud; tokenisation; payment security
• ISSN: 1750-1806; 1750-1814; 1750-1814
• DOI: 10.69554/FOWA1322

To combat the security risks associated with mobile and electronic payments, this paper proposes a novel system to perform electronic transactions and to appropriate the funds involved in them. This system, known as CodeCash, separates account funds into distinct, independent parts, with each of these represented by a cash sequence, or 20-digit distinct, randomly generated numerical series. Each associated with a value up to a specific amount determined by the bank, these cash sequences are given to the client to use as spendable funds, with their hashes being stored in the account and used for verification and value deduction during transactions. Utilising a non-device-verifiable password on each transaction, the CodeCash system offers a secure method of transaction and transfer that, even if disrupted or attacked, yields minimal gains to the attacker, with the total amount of losses from theft being limited to the total value of cash sequences stored digitally on the particular device. Furthermore, a method of storing cash sequences on offline hard drives is also introduced, with this method providing clients the option to shield funds from almost any known type of digital fraud.