Electrical and Computer Engineering ETDs
Publication Date
Fall 12-15-2025
Abstract
Building on prior concepts of electronic money (eCash), we introduce a digital currency where a physical unclonable function (PUF) engenders devices with the twin properties of being verifiably enrolled as a member of a legitimate set of eCash devices and possessing of a hardware-based root-of-trust. A hardware-obfuscated secure enclave (HOSE) is proposed as a means of enabling a PUF-based propagation-of-provenance (POP) mechanism, which allows eCash tokens (eCt) to be securely signed and validated by recipients without incurring any third party dependencies at transfer time. The POP scheme establishes a chain of custody starting with token creation, extending through multiple bilateral in-field transactions, and culminating in redemption at the token-issuing authority. A light-weight mutual-zero-trust (MZT) authentication protocol establishes a secure channel between any two fielded devices. The POP and MZT protocols, in combination with the HOSE, enables transitivity and anonymity of eCt transfers between online and offline devices.
Keywords
electronic money, digital currency, physical unclonable functions
Document Type
Thesis
Language
English
Degree Name
Computer Engineering
Level of Degree
Masters
Department Name
Electrical and Computer Engineering
First Committee Member (Chair)
Dr. Jim Plusquellic
Second Committee Member
Dr. Eirini Tsiropoulou
Third Committee Member
Dr. Cyrus Minwalla
Recommended Citation
Bean, Benjamin; Cyrus Minwalla; Eirini Eleni Tsiropoulou; and Jim Plusquellic. "PUF-Based Digital Money with Propagation-of-Provenance and Offline Transfers Between Two Parties." (2025). https://digitalrepository.unm.edu/ece_etds/622
