Standards and verification for fair-exchange and atomicity in e-commerce transactions

Electronic commerce can be defined as the conduct of commerce in goods and services, with the assistance of telecommunications and telecommunications-based tools. The economic growth potential of e-commerce is extraordinary—but so are the challenges that lie on the path toward success. One of the more pressing challenges is how to ensure the integrity and reliability of the transaction process: key aspects being fair-exchange and atomicity assurance.This paper delineates an extended fair-exchange standard, which includes atomicity assurance, intended for a wide audience including e-commerce designers, managers, users, and auditors. We demonstrate how such a standard prevents or mitigates important e-commerce concerns. To bridge theory with practice, we illustrate how the application of model checking can be used to verify the correctness of the implementation of e-commerce protocols to prevent the failure of such protocols when unforeseen circumstances occur.