Encryption may help make
the transactions more secure, but there is also a need to
guarantee that no one alters the data at either end of the transaction. There are two
possible ways to verify the integrity of the message. One
form of verification is the
secure Hash algorithm which is “a check that protects data against most modification”.
(Pfleeger et al. 1997). The sender transmits the Hash algorithm generated data. The
recipient performs the same calculation and compares the two to make sure everything
arrived correctly. If the two
results are different, a change has occurred in the message.
The other form of verification is through a third party called Certification Authority (CA)
with the trust of both the sender and receiver to verify that the electronic currency or the
digital signature that they received is real.
4. Divisibility
Electronic money may be divisible into different units of currency, similar to real money.
For example, electronic money needs to account for pennies and nickels.
