• International Commerce and Information Review
• /
• v.8 no.1
• /
• pp.105-123
• /
• 2006

Electronic Promissory Note started to reducing complexity in paper Promissory Note. In Recent the electronic documents and signature have the same validity as per documents and handwritten signatures. The movement of dematerializing promissory note is becoming common, and the National Assembly proposed Electronic Promissory Note Act of 2001 which is now being discussed in Korea. Especially the Electronic Credits is now becoming the most important means for payment of the business procurement both in on-line commerce and off-line commerce. Electronic Promissory Note has the same legal effect as the promissory note except that the Act provides to the Electronic Promissory Note specially.

• Journal of the Korea Institute of Information Security & Cryptology
• /
• v.33 no.6
• /
• pp.947-960
• /
• 2023

In Korea, traditional paper promissory notes are currently undergoing a transformation, being gradually replaced by electronic notes. This transformation is being steered under the Korea Financial Telecommunications Institute, a trusted authority. However, existing electronic systems have security vulnerabilities, including the risk of hacking and internal errors within the institute. To this end, we have defined a novel anonymous electronic promissory note system based on blockchain. We have constructed a concrete protocol and conducted security analysis of our protocol. Note that, in our protocol, every note information is committed so that the note remains undisclosed until the point of payment. Once the note information becomes public on the blockchain, it enables the detection of illicit activities, such as money laundering and tax evasion. Furthermore, our protocol incorporates a feature of split endorsement, which is a crucial functionality permitted by the Korean electronic note system. Consequently, our proposed protocol is suitable for practical applications in financial transactions.