A Blockchain-Based Continuous Micropayment Scheme Using Lockable Signature

Wennan Wang, Guoxin Chen (), Chiawei Chu and Wusong Lan
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Wennan Wang: Department of Finance, School of Economics, Xiamen University, Xiamen 361005, China
Guoxin Chen: Faculty of Data Science, City University of Macau, Macau 999078, China
Chiawei Chu: Faculty of Data Science, City University of Macau, Macau 999078, China
Wusong Lan: Faculty of Data Science, City University of Macau, Macau 999078, China

Mathematics, 2023, vol. 11, issue 16, 1-18

Abstract: A blockchain-oriented continuous micropayment system forms an integral element of the digital economy, enabling seamless transactions and encouraging minor purchases. However, due to the inherent throughput constraints of blockchain, payment channels (PCs) are customarily deployed for managing high-volume transactions in an off-chain mode. Despite this, the integration of a PC necessitates a trusted intermediary to safeguard transactional security, thereby imposing an extra security assumption as only the initial and concluding transactions are visible to other system participants. To circumvent this limitation, we introduce an innovative micropayment structure utilizing lockable signatures. Each transaction within the PC coalesces into a continuous microtransaction hash-chain (CMHC), precluding unscrupulous users from accessing transactional data during the process. Additionally, all locks within the CMHC remain concealed throughout the transaction, with all information relayed in a tamper-proof manner. We provide a comprehensive security analysis and perform a gamut of evaluations. Empirical evidence indicates that our proposed system outperforms existing state-of-the-art solutions in transaction time and verification expenses. This lockable signature-dependent micropayment system not only ensures robust security but also enhances transactional speed and efficiency, thereby catalyzing the growth of the digital economy.

Keywords: micropayment; blockchain; payment channel; lockable signature (search for similar items in EconPapers)
JEL-codes: C (search for similar items in EconPapers)
Date: 2023
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