Patent AU-2020101863-A4 (AU)
Title: IoT-Based Micropayment Protocol for Wearable Devices with Unique Verification
Inventor: (PROFESSOR) DR B MADHURAVANI
IPC: G06F21/43
Filed: 2020-08-17
Granted: 2020-09-24
Abstract: Patent Title: loT-Based Micropayment Protocol for Wearable Devices with Unique 
Verification 
ABSTRACT 
My Invention "loT-Based Micropayment Protocol for Wearable Devices with 
Unique Verification" is a micropayment system and method is presented for a Payor
U to establish payment to Payee-M for a Transaction-T, which typically has a very low 
value Tv. The invented micropayment scheme minimizes the bank's processing costs, 
while at the same time eliminating the need for users and merchants to interact in 
order to determine whether a given micropayment should be selected for payment. the 
micropayment scheme includes time constraints, which require that an electronic 
Check-C for the Transaction-T be presented to a Bank-B for payment within a 
predetermined location, time, date, interval. The invented micropayment scheme 
includes a deferred selection protocol, which provides the bank with control and 
flexibility over the payment selection process. The invented wearable device is one of 
the parts of the essential (COGS) Cost of Goods Sold in the wheel of the Internet of 
things (loT) contributing towards a potential impact in finance and banking sectors.  
The invention also lightweight cryptography mechanisms for loT devices because 
these are resource constraints a novel approach of an loT-based micropayment 
protocol in wearable devices environment is introduced. The invention can use the 
payment model "(ECIES) elliptic curve integrated encryption scheme "for encryption 
and decryption of the communicating messages between various entities. The 
invention provides the customer to buy the goods using a wearable device and sent 
the confidential payment information to the mobile application and creates a secure 
session between the customer, banks and merchant. The static security analysis and 
informal security methods indicate that the invented protocol is withstanding the 
various security vulnerabilities involved in mobile payments. For logical verification of 
the correctness of security properties using the formal way of "(BAN) Burrows-Abadi
Needham " logic confirms the accuracy of the invented protocol. The practical 
simulation and validation using Scyther and Tamarin tool ensure the absence of 
security attacks in our scheme. Finally, the performance analysis based on 
cryptography features and computational overhead of related approaches specify that 
the proposed micropayment protocol for wearable devices is secure and efficient.
Dr. B. Madhuravani (Professor) Mrs. Sameera Divanu (Assistant Professor) 
Mrs. M. Trupthi (Assistant Professor) Mrs. Gnyanadeepa Yaganti (Assistant Professor) 
Mrs. K Swathi (Assistant Professor) Mrs. Sneha Bushetty (Assistant Professor) 
Kuntimalla Sudheer Babu (Assistant Professor) Dr. Yugandhar Garapati (Assistant Professor) 
Sri Sowmya Gudipati (Assistant Professor) Ponnuru Sowjanya (Assistant Professor) 
TOTAL NO OF SHEET: 12 NO OF FIG: 12 
TOERVEWAMC STUDMCRET 
TASC NONSc 
m 
<*YES M CAUSES BANkK B YO> 
DIB CAUDBS 
CORH AT 
To&AMmaI s01waAkD 
TRANACTONS