SecurePay: Enabling Secure and Fast Payment Processing for Platform Economy

TL;DR

SecurePay is a novel payment system that combines permissioned blockchain and CBDC to ensure security and efficiency in platform economy transactions, addressing trust and misuse issues effectively.

Contribution

It introduces the first system integrating permissioned blockchain with CBDC for secure, high-performance platform payments, balancing security and processing speed.

Findings

Achieved 256.4 transactions per second throughput

Maintained an average latency of 4.29 seconds

Demonstrated security improvements over traditional systems

Abstract

Recent years have witnessed a rapid development of platform economy, as it effectively addresses the trust dilemma between untrusted online buyers and merchants. However, malicious platforms can misuse users' funds and information, causing severe security concerns. Previous research efforts aimed at enhancing security in platform payment systems often sacrificed processing performance, while those focusing on processing efficiency struggled to completely prevent fund and information misuse. In this paper, we introduce SecurePay, a secure, yet performant payment processing system for platform economy. SecurePay is the first payment system that combines permissioned blockchain with central bank digital currency (CBDC) to ensure fund security, information security, and resistance to collusion by intermediaries; it also facilitates counter-party auditing, closed-loop regulation, and enhances operational efficiency for transaction settlement. We develop a full implementation of the proposed SecurePay system, and our experiments conducted on personal devices demonstrate a throughput of 256.4 transactions per second and an average latency of 4.29 seconds, demonstrating a comparable processing efficiency with a centralized system, with a significantly improved security level.