Untraceable electronic funds transfer systems

Yoshiaki Tanaka, Minoru Akiyama, Takanori Uchida

Research output: Contribution to journalArticle

Abstract

This paper proposes a method of money transfer and checking. A tally check system is proposed for the check system whereby privacy is protected. In the proposed method, before sending money the sender receives the tally constructed by the receiver, and asks the bank to issue an electronic check based on that tally. When the receiver wants money, he presents the electronic check to the bank together with the other tally which is secretly retained. Since the tally is used as proof for the correct receiver, it is impossible for the bank to trace the flow of funds. It is impossible to cash a check more than once since the bank retains the presented tally as the receipt.

Original languageEnglish
Pages (from-to)47-55
Number of pages9
JournalElectronics and Communications in Japan, Part III: Fundamental Electronic Science (English translation of Denshi Tsushin Gakkai Ronbunshi)
Volume72
Issue number9
Publication statusPublished - 1989 Sep
Externally publishedYes

ASJC Scopus subject areas

  • Electrical and Electronic Engineering

Cite this

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title = "Untraceable electronic funds transfer systems",
abstract = "This paper proposes a method of money transfer and checking. A tally check system is proposed for the check system whereby privacy is protected. In the proposed method, before sending money the sender receives the tally constructed by the receiver, and asks the bank to issue an electronic check based on that tally. When the receiver wants money, he presents the electronic check to the bank together with the other tally which is secretly retained. Since the tally is used as proof for the correct receiver, it is impossible for the bank to trace the flow of funds. It is impossible to cash a check more than once since the bank retains the presented tally as the receipt.",
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AB - This paper proposes a method of money transfer and checking. A tally check system is proposed for the check system whereby privacy is protected. In the proposed method, before sending money the sender receives the tally constructed by the receiver, and asks the bank to issue an electronic check based on that tally. When the receiver wants money, he presents the electronic check to the bank together with the other tally which is secretly retained. Since the tally is used as proof for the correct receiver, it is impossible for the bank to trace the flow of funds. It is impossible to cash a check more than once since the bank retains the presented tally as the receipt.

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