Guest Speaker: IOweYou Credit Networks: Not All Permissionless Payment Solutions Require a Blockchain

Friday, February 3, 2017 -
2:30pm to 3:30pm
CS 1240

Speaker Name: 

Dr. Aniket Kate

Speaker Institution: 

Purdue University

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CS 1240

Description: 

Title : IOweYou Credit Networks: Not all permissionless payment
solutions require a blockchain

Abstract: IOweYou (IOU) credit networks model transitive trust (or
credit) between users in a decentralized environment. They have recently
seen a rapid increase of popularity due to their flexible-yet-scalable
design and robustness against intrusion. They serve today as a backbone
of real-world permission-less payment settlement networks (e.g., Ripple
and Stellar) as well as several other weak-identity systems such as
spam-resistant communication protocols and Sybil-tolerant social
networks. In payment scenarios, due to their unique capability to unite
emerging crypto-currencies (such as Bitcoin) and user-defined currencies
with the traditional fiat currency and banking systems, several existing
and new payment enterprises are entering in this space.
Nevertheless, this enthusiasm in the market significantly exceeds
our understanding of security, privacy, and reliability of these
inherently distributed systems. Currently employed ad hoc strategies to
fix apparent flaws have made those systems vulnerable to bigger problems
once they become lucrative targets for malicious players. In this talk,
we will first define the concept of IOU credit networks, and describe
some of the important credit network applications. We will then present
and analyze the recent and ongoing projects to improve the
credit-network security, privacy and reliability.

Bio: Dr. Aniket Kate is an Assistant Professor in the computer science
department at Purdue University. Before joining Purdue in 2015, he was a
faculty member and an independent research group leader at Saarland
University in Germany, where he was heading the Cryptographic Systems
Research Group. He completed his postdoctoral fellowship at Max Planck
Institute for Software Systems (MPI-SWS), Germany in 2012, and received
his PhD from the University of Waterloo, Canada in 2010. His research
interests include design, implement, and analyze privacy and
transparency enhancing technologies. His research integrates applied
cryptography and distributed computing.
Webpage: https://www.cs.purdue.edu/homes/akate/