Exchange of Preparatory Information for Secure and Usable Cryptocurrency Transactions

Abstract

In 2008, the cryptocurrency Bitcoin, which is equivalent to the original idea of a blockchain, emerged as a new currency and revolutionized the digital exchange of value. Despite the great user and research interest, the customary practice is still complex. Poor usability and negative user experience lead to several security threats. This work examines the mitigation of third party attack vectors and non-malicious human failure types identified in the personal payment process. Current approaches are analyzed and a new payment protocol is specified to foster the exchange of preparatory payment information. The qualitative evaluation reveals a significant improvement over the current best-practice exchange procedure. The system demonstrates a balance between security and usability and provides a method for more user-friendly blockchain transactions.