System-Wide Security for Offline Payment Terminals
Nikolay Ivanov, Qiben Yan

TL;DR
VolgaPay introduces a blockchain-based offline payment system that enhances security, reduces costs, and eliminates the need for sensitive data storage, enabling secure transactions without network connectivity.
Contribution
The paper presents a novel blockchain protocol and payment system, VolgaPay, that secures offline payments without sensitive data, improving security and efficiency over existing solutions.
Findings
VolgaPay achieves secure offline payments with limited security risks.
The system reduces operational costs and complexity.
Evaluation shows high speed and security in practical deployment.
Abstract
Most self-service payment terminals require network connectivity for processing electronic payments. The necessity to maintain network connectivity increases costs, introduces cybersecurity risks, and significantly limits the number of places where the terminals can be installed. Leading payment service providers have proposed offline payment solutions that rely on algorithmically generated payment tokens. Existing payment token solutions, however, require complex mechanisms for authentication, transaction management, and most importantly, security risk management. In this paper, we present VolgaPay, a blockchain-based system that allows merchants to deploy secure offline payment terminal infrastructure that does not require collection and storage of any sensitive data. We design a novel payment protocol which mitigates security threats for all the participants of VolgaPay, such that…
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Taxonomy
TopicsBlockchain Technology Applications and Security · Cryptography and Data Security · Spam and Phishing Detection
