Decentralized Electronic Cash Payment Scheme Using SM2-Based Blind Signcryption

Electronic cash (e-cash) payment is facing the privacy leakage, money laundering and tax evasion. To address these issues, we use SM2-based blind signcryption to construct a decentralized e-cash payment scheme (DECPS). SM2-based blind signcryption allows a signcrypter to generate a ciphertext with unknown message content. Double spending is prevented because the blockchain uploads the e-cash to public chain for transparency. DECPS has low calculation overhead for scalar multiplication and there is no key escrow. In addition, the pseudo-random number generator (RNG) is used to trace illegal transactions.