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FinTech

As anonymous as 50 Cent

Researchers from the Karlsruhe Institute of Technology (KIT) are at CEBIT 2018 to showcase PriPay, a payment system that protects people’s privacy and can be used to perform payments and loyalty point transactions in complete safety and anonymity.

30 May. 2018
PriPay_KIT
PriPay KIT

Whether we're making cashless payments, collecting loyalty points at the grocery store or buying electronic tickets for public transport, every transaction we carry out leaves behind a long trail of information. Since these trails are pretty much an open invitation to data hunters to track us down, researchers at KIT decided it was time to take action. Visitors to CEBIT 2018 can examine their solution – the privacy-protecting payment system PriPay - along with a whole host of additional projects.

To ensure PriPay payments and point transactions can be processed with total security and in complete anonymity, the virtual wallet is managed on the user's respective device. Thanks to randomization, not even the system operator knows the current balance, although it is guaranteed to be sufficient before a transaction takes place. The fact that the transactions are hidden means tracking is avoided from the start. Conversely, double-spending detection prevents users from spending more than is available in their account. Moreover, the system works even without a permanent network connection. An application scenario at the KIT stand based around a canteen system is showing CEBIT visitors that PriPay is efficient and ready.

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Karlsruhe Institute of Technology (76131 Karlsruhe, Germany), Hall 27, Stand G52 (main stand)