A Blockchain-Based Decentralized Privacy-Preserving Mobile Payment Scheme Using Anonymous Credentials

Abstract

Mobile communication technology has facilitated the rapid spread of convenient mobile payments. Leading third-party payment platforms (TPPs) such as Alipay, Paypal, and Wexpay, have launched popular mobile payment services. However, TPPs-led centralized mobile payments increase the risk of single-point failure and the leakage of user privacy. In this paper, we propose a blockchain-based decentralized privacy-preserving mobile payment scheme by utilizing threshold anonymous credentials. The integration of the blockchain and threshold cryptography technology enables mobile payment to possess fault tolerance for malicious attacks. Additionally, we leverage Pedersen commitments and zero-knowledge proofs to prevent users' sensitive transaction information from being leaked to curious entities on the transparent blockchain. Through performance analysis, we make clear that users in the proposed scheme have low computation overhead and storage costs in the payment process, and can adopt flexible payment strategies to execute micro-payments and large payments.