arXiv subjects

Geoffrey Goodell

Publications and source records attributed to Geoffrey Goodell.

27 records · Page 2Linked to original sources

arXiv2022

Identification for Accountability vs Privacy

This document considers the counteracting requirements of privacy and accountability applied to identity management. Based on the requirements of GDPR applied to identity attributes, two forms of identity, with differing balances between privacy and accountability, are suggested, termed "publicly-recognised identity" and "domain-specific identity". These forms of identity can be further refined using "pseudonymisation" and as described in GDPR. This leads to the different forms of identity on the spectrum of accountability vs privacy. It is recommended that the privacy and accountability requirements, and hence the appropriate form of identity, are considered in designing an identification scheme and in the adoption of a scheme by data processing systems. Also, users should be aware of the implications of the form of identity requested by a system, so that they can decide whether this is acceptable.

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arXiv2021

The Development of Central Bank Digital Currency in China: An Analysis

The People's Bank of China (PBOC) has launched an ambitious project to develop a digital currency for use in domestic, retail transactions, and is, by far, the most advanced globally in this regard. In addition to involving a diverse set of stakeholders, the PBOC established a set of fundamental principles, including privacy, inclusiveness, and conservatism, and has articulated its progress in a public document translated into English. We maintain that although both its first principles and its conclusions drawn from the research conducted by the PBOC from 2014 to date are broadly reasonable and appropriate, the PBOC has also missed some important considerations and entertained some questionable assumptions, which many central banks around the world have also done. In this analysis, we consider the strengths and weaknesses of the digital currency proposition articulated by the PBOC as it exists today, and we propose one fundamental and specific change for the PBOC and other central banks around the world: The architecture must accommodate privacy-preserving, non-custodial wallets. With this change and a related set of minor adjustments, China has an opportunity to lead the world in the implementation of a central bank digital currency (CBDC) solution that protects the authority of the central bank to implement monetary policy, preserves the role of public-sector and private-sector banking institutions, promotes the efficiency of retail transactions and businesses, satisfies regulatory objectives, and safeguards the human rights of retail consumers, including their privacy and their right to participate in the economy. We hope that the PBOC, and other central banks around the world, will have the resolve and strength of purpose to implement our proposed change and carry on with implementing a CBDC architecture that serves the interests of its users.

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arXiv2021

Decentralised Trust for the Digital Economy

We propose a research initiative to explore and evaluate end-user technology, infrastructure, business imperatives, and regulatory policy to support the privacy, dignity, and market power of individual persons in the context of the emerging digital economy. Our work shall take a "system-level" approach to the design of technology and policy, considering the outcomes associated with the implementation and deployment of systems consisting of operational infrastructure, policies, and protocols for humans and computers alike. We seek to define and evaluate a set of approaches to the design and implementation of systems whose features specifically support the rights and market power of individual persons and local organisations, for the explicit goal of supporting truly consensual trust relationships and empowering local communities and organisations.

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arXiv2021

A Digital Currency Architecture for Privacy and Owner-Custodianship

In recent years, electronic retail payment mechanisms, especially e-commerce and card payments at the point of sale, have increasingly replaced cash in many developed countries. As a result, societies are losing a critical public retail payment option, and retail consumers are losing important rights associated with using cash. To address this concern, we propose an approach to digital currency that would allow people without banking relationships to transact electronically and privately, including both internet purchases and point-of-sale purchases that are required to be cashless. Our proposal introduces a government-backed, privately-operated digital currency infrastructure to ensure that every transaction is registered by a bank or money services business, and it relies upon non-custodial wallets backed by privacy-enhancing technology such as blind signatures or zero-knowledge proofs to ensure that transaction counterparties are not revealed. Our approach to digital currency can also facilitate more efficient and transparent clearing, settlement, and management of systemic risk. We argue that our system can restore and preserve the salient features of cash, including privacy, owner-custodianship, fungibility, and accessibility, while also preserving fractional reserve banking and the existing two-tiered banking system. We also show that it is possible to introduce regulation of digital currency transactions involving non-custodial wallets that unconditionally protect the privacy of end-users.

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arXiv2020

Data management for platform-mediated public services: Challenges and best practices

Data harvesting and profiling have become a de facto business model for many businesses in the digital economy. The surveillance of individual persons through their use of private sector platforms has a well-understood effect on personal autonomy and democratic institutions. In this article, we explore the consequences of implementing data-rich services in the public sector and specifically the dangers inherent to undermining the universality of the reach of public services, the implicit endorsement of the platform operators by government, and the inability of members of the public to avoid using the platforms in practice. We propose a set of good practices in the form of design principles that infrastructure services can adopt to mitigate the risks, and we specify a set of design primitives that can be used to support the development of infrastructure that follows the principles. We argue that providers of public infrastructure should adopt a practice of critical assessment of the consequences of their technology choices.

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arXiv2020

Digital Currency and Economic Crises: Helping States Respond

The current crisis, at the time of writing, has had a profound impact on the financial world, introducing the need for creative approaches to revitalising the economy at the micro level as well as the macro level. In this informal analysis and design proposal, we describe how infrastructure for digital assets can serve as a useful monetary and fiscal policy tool and an enabler of existing tools in the future, particularly during crises, while aligning the trajectory of financial technology innovation toward a brighter future. We propose an approach to digital currency that would allow people without banking relationships to transact electronically and privately, including both internet purchases and point-of-sale purchases that are required to be cashless. We also propose an approach to digital currency that would allow for more efficient and transparent clearing and settlement, implementation of monetary and fiscal policy, and management of systemic risk. The digital currency could be implemented as central bank digital currency (CBDC), or it could be issued by the government and collateralised by public funds or Treasury assets. Our proposed architecture allows both manifestations and would be operated by banks and other money services businesses, operating within a framework overseen by government regulators. We argue that now is the time for action to undertake development of such a system, not only because of the current crisis but also in anticipation of future crises resulting from geopolitical risks, the continued globalisation of the digital economy, and the changing value and risks that technology brings.

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arXiv2020

Serverless Electronic Mail

We describe a simple approach to peer-to-peer electronic mail that would allow users of ordinary workstations and mobile devices to exchange messages without relying upon third-party mail server operators. Crucially, the system allows participants to establish and use multiple unlinked identities for communication with each other. The architecture leverages ordinary SMTP for message delivery and Tor for peer-to-peer communication. The design offers a robust, unintrusive method to use self-certifying Tor onion service names to bootstrap a web of trust based on public keys for end-to-end authentication and encryption, which in turn can be used to facilitate message delivery when the sender and recipient are not online simultaneously. We show how the system can interoperate with existing email systems and paradigms, allowing users to hold messages that others can retrieve via IMAP or to operate as a relay between system participants and external email users. Finally, we show how it is possible to use a broadcast protocol to implement mailing lists and how distributed ledger technology might be used to bootstrap consensus about shared knowledge among list members.

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arXiv2020

Privacy by Design in Value-Exchange Systems

This article addresses some of the most contentious issues related to privacy in electronic payment systems, particularly the current zeitgeist of proposed solutions for central bank digital currency.

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arXiv2019

Libra: Is it Really about Money?

The announcement by Facebook that Libra will "deliver on the promise of 'the internet of money'" has drawn the attention of the financial world. Regulators, institutions, and users of financial products have all been prompted to react and, so far, no one managed to convince the association behind Libra to apply the brakes or to convince regulators to stop the project altogether. In this article, we propose that Libra might be best seen not as a financial newcomer, but as a critical enabler for Facebook to acquire a new source of personal data. By working with financial regulators seeking to address concerns with money laundering and terrorism, Facebook can position itself for privileged access to high-assurance digital identity information. For this reason, Libra merits the attention of not only financial regulators, but also the state actors that are concerned with reputational risks, the rule of law, public safety, and national defence.

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