E-Cash in Cyber Security

What is E-Cash in E-Commerce?

An anonymous e-cash system is equivalent to cash and private bank notes except that it is transferred through the network with bits of information. In essence, it is just another representation of monitory value.

How E-Cash is Used?

E-Cash is used over the internet, email, or personal computer to other workstations in the form of secured payments of cash that is virtually untraceable to the user. The way electronic cash works are similar to that of e-fund transfer done between banks.

The user first must have an electronic cash software program and an electronic cash bank account from which electronic cash can be withdrawn or deposited. The user withdraws the electronic cash from the account onto his/her computer and spends it on the internet without being placed or having personal information available to other parties that are involved in the process. The receipts of the e-cash send the money to their bank account similar to depositing real cash in the bank.

Properties of Electronic-Cash?

• Cash has a value it can be traded for goods or services.
• Previous owners of the cash are not known and in general it is not possible to keep track of by who and where the cash is spent that means it is annoymous.
• It is a secure cash currency is specifically designed to detect conter-filtering.

Requirenment of E-Cash?

• Privacy
• Security
• Hardware implementation
• Acceptability
• Transferbility
• Divisibility

E-Cash Advantages and Disadvantages

Advantages:

• It is easy to use
• Can we used for small payment
• Flexible
• Can be operate from anywhere with the help of online device

Disadvantages:

• Security Risk
• Not Accepted Everywhere