Standards and verification for fair-exchange and atomicity in e-commerce transactions

Electronic commerce can be defined as the conduct of commerce in goods and services, with the assistance of telecommunications and telecommunications-based tools. The economic growth potential of e-commerce is extraordinary-but so are the challenges that lie on the path toward success. One of the more pressing challenges is how to ensure the integrity and reliability of the transaction process: key aspects being fair-exchange and atomicity assurance. This paper delineates an extended fair-exchange standard, which includes atomicity assurance, intended for a wide audience including e-commerce designers, managers, users, and auditors. We demonstrate how such a standard prevents or mitigates important e-commerce concerns. To bridge theory with practice, we illustrate how the application of model checking can be used to verify the correctness of the implementation of e-commerce protocols to prevent the failure of such protocols when unforeseen circumstances occur. (C) 2005 Elsevier Inc. All rights reserved.