[11768] in Commercialization & Privatization of the Internet
Re: Random Thoughts Regarding RSA/NCSA/EIT
daemon@ATHENA.MIT.EDU (Rob Raisch, The Internet Company)
Mon Apr 18 19:51:03 1994
Date: Mon, 18 Apr 1994 11:03:16 -0700 (PDT)
From: "Rob Raisch, The Internet Company" <raisch@internet.com>
To: Pat Farrell <pfarrell@netcom.com>
Cc: com-priv@psi.com
In-Reply-To: <65113.pfarrell@netcom.com>
On Sun, 17 Apr 1994, Pat Farrell wrote:
> >> Assume we still use credit card numbers for the financial part.
>
> Or digital cash. Cash was once legal tender.
Hmmm... digital cash is an oxymoron. You cannot have digital cash since
the very nature of cash is its physicality. The protections that cash
offers against duplication are all physical and economic. It costs more
to copy money than its face value.
Even in a scenerio where each transaction is handled in real-time with
the issuing agency (bank), all I have to do is "become you" and then your
"cash" is mine.
> >> Keep your private key on your portable PC.
> > Ok, now I need a portable PC.
>
> A PCMCIA smartcard would make more sense, and would be lots cheaper in
> volume.
And here is where the real issue is... We have all been assuming that
these transactions are not physically linked -- ie. as an arbitrary
on-line user I can provide my identity to a vendor and enter into a
contractual relationship.
But keeping your credentials on a smartcard is only as useful as the
ubiquity of smartcards and smartcard enabled workstations. This is
another 'dongle' -- it represents physical identity. But, it means
everyone on-line will need one. Which hardware manufacturer should I
invest in, do you think?
