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- Title
NAGA: multi-blockchain based decentralized platform architecture for cryptocurrency payment.
- Authors
Sawarnkatat, Dendej; Smanchat, Sucha
- Abstract
Paying for electronic commerce products with cryptocurrencies is an increasingly popular method. However, the situations where a seller expects one specific cryptocurrency as a payment while a buyer only possesses another, inevitably create inconvenience to the buyer, which may lead to cancellation of purchase. In this paper, we propose a light-weighted software architecture of a payment system called NAGA platform that works with a number of crypto blockchain networks to support cross-cryptocurrency payments where buyers can pay in one currency, and the seller automatically receives another of his/her choice. This minimizes the complexity and inconvenience of the buyer, leading to an increase in sales and revenues of the electronic commerce system. With the built-in crypto exchange, crosscryptocurrency payment can be processed with real-time exchange rates that enables both buyers and sellers to receive cryptocurrency of their preferred choices.
- Subjects
CRYPTOCURRENCIES; BLOCKCHAINS; ELECTRONIC commerce; CRYPTOCURRENCY exchanges; PAYMENT; PAYMENT systems; SOFTWARE architecture
- Publication
International Journal of Electrical & Computer Engineering (2088-8708), 2022, Vol 12, Issue 4, p4067
- ISSN
2088-8708
- Publication type
Article
- DOI
10.11591/ijece.v12i4.pp4067-4078