Cloudbank: A Secure Anonymous Banking Cloud

Abstract

In this paper a novel banking framework residing over the cloud storage architecture for electronic payment which takes place over the Internet is presented. It implements electronic cash-based transactions, between customers and merchants through the CloudBank. It is based on a bank account, though it can be easily extended and can be readily applied to other account payment models like debit cards. The proposed architecture is designed using Millicent’s main concept (scrip) technique. In this architecture, financial institutions become partners in the e-commerce transaction, conducted by their customers over the Internet. The innovation of the proposed framework is the removal of the involvement of the financial institutions to ancillary support services like helping on establishing trust between the parties payment transaction. Moreover, the proposed system can be characterized as distributed virtual banking environment provided to users (customers/merchants) authorizing all payments taking place between them. Finally, in this architecture e-cash once used is never used again so all the e-transactions are secure.