---------- From: Dick Moores[SMTP:rdm@netcom.com] Sent: Sunday, June 30, 1996 2:13 PM To: SEASIGI Subject: "CyberPayment Infrastructure"

"CyberPayment Infrastructure" is the title of a new article from the Journal of Online Law. I have an email subscription, but there's also a web site, http://www.wm.edu/law/publications/jol . The new article should be on the web site soon, but if it's not, I'll send it to anyone who asks. It's about 20k. Here's the abstract:

{Article 6}

CyberPayment Infrastructure Henry H. Perritt, Jr. [NOTE 1]

[Cite as Henry H. Perritt, Jr., "CyberPayment Infrastructure," 1996 J. Online L. art. 6, par. ___]

Abstract

{par. 1} An essential requisite for commerce on the Internet is the existence of a reliable and secure system to handle payment for goods and services purchased. The basic technology for such systems is public key encryption. Professor Perritt explains how this technology can be used to create a variety of "payment infrastructures." Any payment system must meet certain requirements: merchants can depend on it to be paid; consumers have access to the means of payment through intermediaries like "certificate authorities;" these intermediaries understand their responsibilities and risks; and existing financial institutions understand their responsibilities in the world of non-paper-based financial instruments. Much of what is necessary can be accomplished within today's legal framework without need of new laws.

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Dick Moores rdm@netcom.com