Supporting Blockchain-Based Cryptocurrency Mobile Payment With Smart Devices

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Lei Xu, Lin Chen, Zhimin Gao, Larry Carranco, Xinxin Fan, Nolan Shah, Nour Diallo, Weidong Shi

Published: 2020, Last Modified: 06 May 2026IEEE Consumer Electron. Mag. 2020EveryoneRevisionsBibTeXCC BY-SA 4.0
Abstract: The smart device owning rate such as smart phone and smart watch is higher than ever before and mobile payment has become one of the major payment methods in many different areas. At the same time, blockchain-based cryptocurrency is becoming a nonnegligible type of currency and the total value of all types of cryptocurrency has reached USD 200 billion. Therefore, it is a natural demand to support cryptocurrency payment on mobile devices. Considering the poor infrastructure and low penetration of financial service in developing countries, this combination is especially attractive. The high storage cost and payment processing latency are the two main obstacles for mobile payment using cryptocurrency. We propose two different schemes for cryptocurrency mobile payment, one involves a centralized bank and the other one does not require any centralized party. We also provide a solution for the bank to meet KYC (know your customer)/AML (antimoney laundering) compliance requirements when it is involved in cryptocurrency mobile payment processing.