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BFastPay: A Routing-free Protocol for Fast Payment in Bitcoin Network

Published: 26 April 2021 Publication History

Abstract

Bitcoin is the most popular cryptocurrency which supports payment services via the Bitcoin peer-to-peer network. However, Bitcoin suffers from a fundamental problem. In practice, a secure Bitcoin transaction requires the payee to wait for at least 6 block confirmations (one hour) to be validated. Such a long waiting time thwarts the wide deployment of the Bitcoin payment services because many usage scenarios require a much shorter waiting time. In this paper, we propose BFastPay to accelerate the Bitcoin payment validation. BFastPay employs a smart contract called BFPayArbitrator to host the payer's security deposit and fulfills the role of a trusted payment arbitrator which guarantees that a payee always receives the payment even if attacks occur. BFastpay is a routing-free solution that eliminates the requirement for payment routing in the traditional payment routing network (e.g., Lightning Network). The theoretical and experimental results show that BFast is able to significantly reduce the Bitcoin payment waiting time (e.g., from 60 mins to less than 1 second) with nearly no extra operation cost.

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  • (2022)A Secure and Large-Scale Multiparty Conditional Payment Scheme based on Blockchain2022 4th International Conference on Data Intelligence and Security (ICDIS)10.1109/ICDIS55630.2022.00038(200-207)Online publication date: Aug-2022

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  1. BFastPay: A Routing-free Protocol for Fast Payment in Bitcoin Network

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    cover image ACM Conferences
    CODASPY '21: Proceedings of the Eleventh ACM Conference on Data and Application Security and Privacy
    April 2021
    348 pages
    ISBN:9781450381437
    DOI:10.1145/3422337
    Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for components of this work owned by others than ACM must be honored. Abstracting with credit is permitted. To copy otherwise, or republish, to post on servers or to redistribute to lists, requires prior specific permission and/or a fee. Request permissions from [email protected]

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    Published: 26 April 2021

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    Author Tags

    1. bitcoin
    2. blockchain
    3. fast payment
    4. smart contract

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    • (2022)A Secure and Large-Scale Multiparty Conditional Payment Scheme based on Blockchain2022 4th International Conference on Data Intelligence and Security (ICDIS)10.1109/ICDIS55630.2022.00038(200-207)Online publication date: Aug-2022

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