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Polskie Stowarzyszenie Bitcoin

“Report from the Swedish Central Bank on the Digital Krona: Offline Transaction Security and Challenges with Mobile Phones”


The Swedish Central Bank Publishes Final Report on the Digital Crown

The Swedish central bank, known as Riksbank, recently revealed a final report on a pilot project regarding the digital crown. The report mainly focused on end-user experiences and offline functionality, bringing forth varied results.

Study on Offline Transaction Model and Use Case Analysis

The report examined the offline retail transaction model, utilizing stored-value cards and a “shadow wallet” in an online system. Four main use cases were analyzed: loading and unloading the payment instrument, offline payment at a point of sale (POS) using NFC, offline transfers between two cards, and imposing limits on the balance and number of transactions on the card.

Challenges related to the use of mobile phones and transaction security

Issues were encountered concerning the use of mobile phones in the transaction process, due to heightened security concerns. Synchronizing payment cards and preventing replay attack types were crucial elements for ensuring transaction security.

Ensuring Security and Mitigating Potential Threats

Cards were to be programmed with specific limitations regarding offline transactions, which might require issuing new cards in case of changes in restrictions. Leveraging digital certificates was intended to ensure secure commands between payment cards and the intermediary – R3’s Corda platform.

Summary and Continued Research on the Digital Crown

Sweden initiated research on the digital crown in 2020, with a promise to continue research upon the establishment of appropriate legislation. The existing collaboration with retail payments and potential implications associated with the introduction of the digital crown were thoroughly analyzed in the Riksbank report.

The article presents key insights from the published report by the Swedish Central Bank regarding the digital crown. It discusses main issues concerning functionality, security, and potential challenges related to the introduction of this innovative form of digital currency.