Requirements and general architecture of a payment system for the Future Internet

Abstract

The advent of Future Internet contributes to appearance of new markets of physical objects offering their services. This phenomenon leads to a new human to machine (H2M) and even machine to machine (M2M) markets, which requires new payment methods. The goal of the paper is twofold. First, the requirements for a payment system in Future Internet are identified and discussed, with the emphasis on system efficiency. Second, we propose a novel architecture of payment system meeting the requirements of Future Internet. The aim of our proposal is to design efficient, anonymous, semi-off-line micropayment system, by an application of cryptographic techniques as well as proper data exchange among system participants. The main principle of the proposal is the assumption that system should be designed in such the way that it is pointless for both payer as well as payee to behave in a fraudulent way.