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Probabilistic Escrow of Financial Transactions with Cumulative Threshold Disclosure

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Financial Cryptography and Data Security (FC 2005)

Part of the book series: Lecture Notes in Computer Science ((LNSC,volume 3570))

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Abstract

We propose a scheme for privacy-preserving escrow of financial transactions. The objective of the scheme is to preserve privacy and anonymity of the individual user engaging in financial transactions until the cumulative amount of all transactions in a certain category, for example all transactions with a particular counterparty in any single month, reaches a pre-specified threshold. When the threshold is reached, the escrow agency automatically gains the ability to decrypt the escrows of all transactions in that category (and only that category).

Our scheme employs the probabilistic polling idea of Jarecki and Odlyzko [JO97], amended by a novel robustness mechanism which makes such scheme secure for malicious parties. When submitting the escrow of a transaction, with probability that is proportional to the amount of the transaction, the user reveals a share of the key under which all his transactions are encrypted. Therefore, the fraction of shares that are known to the escrow agency is an accurate approximation of the fraction of the threshold amount that has been transacted so far. When the threshold is reached, with high probability the escrow agency possesses all the shares that it needs to reconstruct the key and open the escrows. Our main technical contribution is a novel tool of robust probabilistic information transfer, which we implement using techniques of optimistic fair 2-party computation.

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Author information

Authors and Affiliations

  1. University of California, Irvine

    Stanisław Jarecki

  2. University of Texas at Austin,  

    Vitaly Shmatikov

Authors
  1. Stanisław Jarecki
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  2. Vitaly Shmatikov
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Editor information

Editors and Affiliations

  1. National Research Council of Canada, 1200 Montreal RD.,, K1A 0R6, Ottawa, ON, Canada

    Andrew S. Patrick

  2. Computer Science Department, Google Inc. and Columbia University, 1214 Amsterdam Avenue, NY 10027, New York, USA

    Moti Yung

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© 2005 Springer-Verlag Berlin Heidelberg

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Jarecki, S., Shmatikov, V. (2005). Probabilistic Escrow of Financial Transactions with Cumulative Threshold Disclosure. In: Patrick, A.S., Yung, M. (eds) Financial Cryptography and Data Security. FC 2005. Lecture Notes in Computer Science, vol 3570. Springer, Berlin, Heidelberg. https://doi.org/10.1007/11507840_17

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  • DOI: https://doi.org/10.1007/11507840_17

  • Publisher Name: Springer, Berlin, Heidelberg

  • Print ISBN: 978-3-540-26656-3

  • Online ISBN: 978-3-540-31680-0

  • eBook Packages: Computer ScienceComputer Science (R0)

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