In this millennium, developments in card-based electronic payment instruments have taken on more practical shapes. Currently, Indonesia is developing an electronic money payment mechanism. Electronic money is described as a type of payment in which the monetary value is kept on specific electronic medium. Before utilizing cryptocurrency for transactional reasons, users must first deposit their funds with the publisher and store them on digital media. When utilized, the value of electronic currency saved on electronic media will be lowered by the transaction’s value, and then it may be replenished (top-up). Chips or servers may be used to store the value of electronic currency on electronic media. The use of electronic money as an innovative and practical payment method is anticipated to facilitate payments for mass, fast, and microeconomic activities, thereby facilitating transactions on toll roads, in the field of transportation including trains and other public transportation, and at minimarkets. , dining area, or parking.
Danny Eka Saputra, one of the lecturers and the director of the research and innovation institute at STMIK “AMIKBANDUNG,” was awarded a doctorate for his dissertation titled “Electronic Money Based on ‘Blockchain’ and ‘Sygncryption’ for Pure ‘Peer to Peer’ Transactions” during a session led by Prof. Ir Adit Kurniawan, M.Eng, PhD, with supervisor Prof. Dr. Su
Electronic currency is a computerized version of cash, according to Dany. Electronic money is based on the use of specifically formatted data as a medium of exchange in a transaction. David Chaum presented this approach in 1983 (Chaum, 1983),” he said.
The issuer of electronic currency to a user constructed the data using a particular mathematical equation, according to the statement. The user transmits the data to the receiver during a transaction. The receiver must next contact the publisher to confirm that the data is accurate and not a fake.
The participation of the issuer in each transaction increases the already substantial transaction expenses (Nakamoto, 2008). This is due to the fact that publishers must develop and maintain a vast ICT infrastructure so that service quality is not affected by the quantity of users. Denny Eka said, “To solve this, peer-to-peer transactions were established.”
This study attempts to establish a peer-to-peer transaction protocol, he said. In this circumstance, only the sender and receiver of funds may conduct electronic money transactions (such as cash). “The primary issue in our study is how to ensure that electronic money counterfeiting is always recognized and hence impossible,” he stated.
