Wednesday, November 30, 2016

Almost duplicating BitCoin security for SmartCard

The original BitCoin paper

I read is to compare, step by step, how the card security is as secure as the virtual coin, thus allowing the individual card to support honest exchange..

If the card key values were secure in a block chain, then, like bit coin, there is a legit first node.  produced at the fab as a transaction, time stamped, and linked into the block chain, Validating a card as all the same rules as validating a BitCoin transaction, go back and scan the block chain to locate the proper card entry.  The card itself can give a hint to start.

But there is no ongoing distributed set of block chain assembly, except within the closely guarded machine at he fab.  Otherwise, Bitcoin and SmartCard work like cash, if the store clerk knows the customer, there is no hurry to verify.  The difference is that SmartCard, like cash, an swap value with only a tap sequence between two peers.

In fact, of the four, gold, paper, bit coin and smart card; smart card is the far superior;

  • offers the simplest exchange (no terminal needed if you like to tap), 
  • mostly the safest. It is easier to impurify gold coins than counterfeit a smart card.   
  • lowest transaction costs.
  • supports digital trade, like bit coin

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