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Building modern E-commerce with Bitcoin and TEE


By Steven Sprague, CEO, Rivetz.




E-commerce is not just authentication!

The world continues to have major challenges to provide a simple and safe environment for consumers to shop. Over the last 20 years, since the early days of online commerce, we have only seen evolutionary changes from the mail order catalogue orders. Confirmed shipping address and voyeurism of all our shopping habits are not keeping up with the level of fraud and types of products that are now part of our everyday online shopping environment. Many people view e-commerce as simply better authentication, but more is required.


Anyone who has been to lunch in Paris is familiar with the payment terminal being presented at the table for the user to pay with their smart card. That terminal is more than just a smart card reader with a printer. It is part of the EMV security and assurance system with secure display and secure pin entry that cannot be compromised. The terminal equipment has provided a secure point of sale experience for millions of lunches but the terminal is not present for e-commerce. Even with a fancy EMV card the user has to type in their credit card into the web page with all the associated risks and costs.


Today there is a new opportunity to revolutionize commerce. The mixing of the technologies of TEE and the advanced flexible nature of Bitcoin offers new models for secure private transactions. By supporting Bitcoin and TEE it is possible for an online merchant to achieve a better experience and a safer transaction online than at the point of sale.


TEE technology provides five key characteristics:

  • Secure display – so the user can visually see the amount they will be charged and the account their funds are going to
  • Protected PIN entry – so the user can confirm the transaction and assure their intent is properly verified
  • Protection of the authentication credentials – so the user's source of funds cannot be cloned
  • Protection of the transaction process – so the instruction to the payment network cannot be altered during creation.
  • Attestation and validation of the TEE container – so the transaction is coming from a known device in a known state.


The Bitcoin technology provides key characteristics:

  • New payment system that only requires network access – so any browser, serial data port, Wi-Fi hot spot or NFC device could accept a payment at a point of sale or online
  • New merchant acceptance – over 70,000 merchants now take Bitcoin and the list is growing. This can by-pass the lack of innovation by the classic payment providers
  • Global cross-boarder payment models – Bitcoin provides a worldwide standard that is rapidly gaining ground
  • A better security and privacy model for all transactions – Bitcoin's cryptography standards provide a fantastic foundation for new security and authorization models that traditional payment does not have


Finally, it is possible to demonstrate the future of e-commerce today. The millions of TEE environments can provide consumers with access to modern Bitcoin based transactions. The technologies can be completely hidden from every day use and offer a simpler and safer experience at over 70,000 merchants. An experience that will have dramatically lower fraud rates, lower cost of doing business, true access to micro-transactions and integration across the user's collection of personal computing devices. Delivering peace of mind and simplicity to the user and a great frictionless customer relationship for the merchant.

 

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