Mercantile Process Using Digital Cash Or E-Cash:-
E-Cash in similar to paper currency and has more benefits and easily transmitted electronically. The following are the mercantile protocol based on the use of e-cash.
1. Buyer obtains anonymous (secret) e-cash from issuing bank.
2. Buyer contacts seller to purchase product.
3. Seller states the price.
4. Buyer sends e-cash to seller.
5. Seller contacts his bank or billing Service to verify the validity of the e-cash.
6. Bank gives o.k. signal to seller.
7. Seller delivers the product to buyer.
8. Seller then tell bank to mark the e-cash