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Controllable Privacy Preserving Blockchain

FiatChain: Distributed Privacy Preserving Cryptocurrency with Law Enforcement Capabilities
  • Rami PuzisEmail author
  • Guy Barshap
  • Polina Zilberman
  • Oded Leiba
Conference paper
  • 634 Downloads
Part of the Lecture Notes in Computer Science book series (LNCS, volume 11527)

Abstract

Central banks are reluctant to accept cryptocurrency, because current implementations of decentralized privacy preserving transactions make it impossible to apply know your customer (KYC) and anti-money laundering (AML) procedures. In this paper, we augment a distributed privacy preserving cyptocurrency known as Monero with KYC and AML procedures. The proposed solution relies on secretly sharing of the clients’ private view keys and private transaction keys among a large number of permissioned signers (PSs). The resulting cryptocurrency maintains the notion of distributed trust while allowing a group of PSs to cooperate, collectively applying KYC and AML procedures.

Keywords

Cryptocurrency Privacy Anonymity Blockchain Anti-money laundering 

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Copyright information

© Springer Nature Switzerland AG 2019

Authors and Affiliations

  • Rami Puzis
    • 1
    Email author
  • Guy Barshap
    • 1
  • Polina Zilberman
    • 1
  • Oded Leiba
    • 1
  1. 1.Telekom Innovation Laboratories, Department of Software and Information Systems EngineeringBen-Gurion University of the NegevBeer-ShevaIsrael

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