Financial Cryptography '98
Second International Conference

February 23-25, 1998, Anguilla, BWI

General Information

Financial Cryptography '98 (FC98) is a conference on the security of digital financial transactions. Meetings alternate between the island of Anguilla in the British West Indies and other locations. This second meeting will be held in Anguilla on February 23-25, 1998. FC98 aims to bring together persons involved in both the financial and data security fields to foster cooperation and exchange of ideas.

Original papers were solicited on all aspects of financial data security and digital commerce in general.

Program Committee

Conference Program for FC98

Monday 23 February 1998

 800 --  820

 820 --  830

 830 --  905
    Micropayments via Efficient Coin-Flipping
    Richard J. Lipton (Princeton University, Princeton, NJ, USA)
    Rafail Ostrovsky (Bellcore, Morristown, NJ, USA)

 905 --  940
    X-Cash: Executable Digital Cash
    Markus Jakobsson (Bell Laboratories, Murray Hill, NJ, USA)
    Ari Juels (RSA Laboratories, Bedford, MA, USA)
 940 -- 1015
    Distributed Trustees and Revokability:
      A Framework for Internet Payment
    David M'Raihi (Gemplus, Issy-les-moulineaux, France)
    David Pointcheval (GREYC, Universite de Caen, Caen, France)
1015 -- 1045
    Coffee Break

1045 -- 1120
    A Platform for Privately Defined Currencies, Loyalty Credits,
      and Play Money
    David P. Maher (AT&T Labs--Research, Florham Park, NJ, USA)

1120 -- 1155
    Assessment of Threats for Smart Card Based Electronic Cash
    Kazuo J. Ezawa, Gregory Napiorkowski
        (Mondex International, Florham Park, NJ, USA)

1155 -- 1230
    Using a High-Performance, Programmable Secure Coprocessor
    Sean W. Smith, Elaine R. Palmer, Steve Weingart
        (IBM T.J. Watson Research Center, Yorktown Heights, NY, USA)
1230 -- 1330

1830 -- 2000
    Cocktail Reception (at Serenity Restaurant, Shoal Bay East)

Tuesday 24 February 1998

 800 --  830

 830 --  905
    Secure Group Barter:
      Multi-Party Fair Exchange with Semi-Trusted Neutral Parties
    Matt Franklin (AT&T Labs--Research, Florham Park, NJ, USA)
    Gene Tsudik (USC Information Sciences Institute, Marina del Rey, CA, USA)

 905 --  940
    A Payment Scheme Using Vouchers
    Ernest Foo, Colin Boyd
        (Queensland University of Technology, Brisbane, Australia)
 940 -- 1015
    A Formal Specification of Requirements for Payment Transactions
      in the SET Protocol
    Catherine Meadows, Paul Syverson
        (Naval Research Laboratory, Washington, DC, USA)
1015 -- 1045
    Coffee Break

1045 -- 1120
    On Assurance Structures for WWW Commerce
    Markus Jakobsson (Bell Laboratories, Murray Hill, NJ, USA)
    Moti Yung (CertCo, New York, NY, USA)

1120 -- 1230
    Panel Discussion
    Certificate Revocation: Mechanics and Meaning
    Barb Fox (Microsoft, Redmond, WA, USA), moderator
    Joan Feigenbaum (AT&T Labs--Research, Florham Park, NJ, USA)
    Paul Kocher (Valicert, Palo Alto, CA, USA)
    Michael Myers (Verisign, Mountain View, CA, USA)
    Moni Naor (Weizmann Institute of Science, Rehovot, Israel)
    Ron Rivest (MIT Laboratory for Computer Science, Cambridge, MA, USA)  
1230 -- 1330

2000 -- 2200
    Rump Session

Wednesday 25 February 1998

 800 --  830

 830 --  930
    Invited Speaker
    Private Signatures and E-commerce
    David Chaum (DigiCash, Palo Alto, CA, USA)

 930 -- 1005
    Group Blind Digital Signatures:
      A Scalable Solution to Electronic Cash
    Anna Lysyanskaya, Zulfikar Ramzan
        (MIT Laboratory for Computer Science, Cambridge, MA, USA)

1005 -- 1045
    Coffee Break

1045 -- 1120
    Curbing Junk E-Mail via Secure Classification
    Eran Gabber, Markus Jakobsson, Yossi Matias, Alain Mayer
        (Bell Laboratories, Murray Hill, NJ, USA)

1120 -- 1155
    Publicly Verifiable Lotteries:
      Applications of Delaying Functions
    David M. Goldschlag (Divx, Herndon, VA, USA)
    Stuart G. Stubblebine (AT&T Labs--Research, Florham Park, NJ, USA)

1155 -- 1230
    Security of Digital Watermarks
    Lesley R. Matheson, Stephen G. Mitchell, Talal G. Shamoon,
      Robert E. Tarjan, Francis X. Zane
        (STAR Lab, InterTrust Technologies, Sunnyvale, CA, USA)

1230 -- 1330

1330 -- 1405
    Security in the Java Electronic Commerce Framework
    Surya Koneru, Ted Goldstein
        (JavaSoft, Palo Alto, CA, USA)

1405 -- 1440
    Beyond Identity: Warranty-Based Digital Signature Transactions
    Yair Frankel (CertCo, New York, NY, USA)
    David W. Kravitz (Divx, Herndon, Virginia, USA)
    Charles T. Montgomery (CertCo, New York, NY, USA)
    Moti Yung (CertCo, New York, NY, USA)

1440 -- 1515
    Compliance Checking in the PolicyMaker Trust Management System
    Matt Blaze, Joan Feigenbaum, Martin Strauss
        (AT&T Labs--Research, Florham Park, NJ, USA)

1515 -- 1545
    Coffee Break

1545 -- 1620
    An Efficient Fair Off-Line Electronic Cash System
      with Extensions to Checks and Wallets with Observers
    Aymeric de Solages, Jacque Traore
        (France Telecom--CNET, Caen, France)

1620 -- 1655
    An Efficient Untraceable Electronic Money System Based on
      Partially Blind Signatures of the Discrete Logarithm Problem
    Shingo Miyazaki, Kouichi Sakurai
        (Kyushu University, Fukuoka, Japan)

1655 -- 1700
The conference schedule and additional information is available at the URL

Breakfast and lunch are provided at the conference. The conference organizers have left time open for corporate sponsored events, for networking, and for recreational activities on the resort island of Anguilla. Participants are encouraged to bring their families.


An exhibition will be held in conjunction with the technical program, with product displays, demonstrations, presentations of a business-oriented nature, and panel discussions on financial cryptography policy issues. The exhibition will open on Monday February 23 and close on Friday February 27, with presentations scheduled on Monday and Tuesday afternoons and all day Friday. For further information about the exhibition program, see the URL


A 40-hour workshop, intended for anyone with commercial software development experience who wants hands-on familiarity with the issues and technology of financial cryptography, is planned in conjunction with FC98, to be held during the week following the conference.

For more information on the workshop, please see the URL

For workshop registration, see the URL

Special Attraction

On Thursday, February 26, 1998, there will be a total eclipse of the sun. The narrow zone of 100% totality will pass just south of Anguilla. A boat excursion to the center of the eclipse zone is planned, for an optimal view of the eclipse. The excursion is included in the conference registration; additional tickets can be purchased for accompanying persons.


The Inter-Island Hotel is a small 14-room guest house with a large, comfortable 150-seat conference facility and additional space for a small 10-booth exhibition. The Inter-Island is on Road Bay, near Sandy Ground Village, in the South Hill section of Anguilla. The conference, workshop, and exhibition will have TCP/IP internet access. Shuttle service to the conference will be available.

Air Transportation and Hotels

Air travel to Anguilla is typically done through San Juan for US flights, or St. Maarten/Martin for flights from Europe and the US. There are also connections via Antigua.

Anguillan import duties are not imposed on hardware or software which will leave the island again. There are no other taxes--or cryptography import/export restrictions--on Anguilla.

Hotels range from spartan to luxurious, and more information about hotels on Anguilla can be obtained from your travel agent, or at the URL A block reservation has been made at Mariners, and this is the recommended hotel except for those seeking budget accomodations.

General Chairs

Exhibits and Sponsorship Manager

Workshop Leader


You can register and pay for conference admission via the World Wide Web at the URL

The cost of the FC98 Conference is US$1,000. There are reduced rates of US$250 and US$100 for full-time academics and students.

Booths for the exhibition start at US$5,000 and include two conference tickets. For more information about exhibit space, contact Blanc Weber, Sponsorship opportunities for FC98 are still available.

The cost of the workshop is US$5000, and includes meals but not lodging. You can register for the workshop, which runs the week after the conference, at the URL

Financial Cryptography '98 is held in cooperation with the International Association for Cryptologic Research.

It is sponsored by:

RSA Data Security Inc.
C2NET, Inc.
Hansa Bank & Trust Company Limited, Anguilla
Sicherheit und Privat- International Bank
Offshore Information Services

The Financial Cryptography '98 Home Page