Abstract: First, this work defines the traditional concept of secure multi-party computation. Next, it has redefined the concept of SMC from a broader perspective. The complexity and efficiency of secure multi-party computation are analyzed in terms of rationality, fairness, correctness, resiliency, adaptation, transparency, accountability, trust, reliability, consistency, commitment; safety, liveness, synchronization, reachability, deadlock freeness; authentication, authorization, correct identification, non-repudiation, integrity, audit and privacy. This broad outlook of secure multi-party computation is essential to mitigate the risks of black money, fake currencies, terrorism, corruption and ease of doing business in a digital economy. The concept of SMC has been applied to construct a secure digital payment mechanism (SDPM) with the support of proofs of knowledge, commitments, digital signature, signcryption and secret sharing. Our society needs a mix of intelligent options such as cash, e-payment and m-payment systems. The common people should be able to use various options flexibly to meet their needs. An intelligent threat analytics has explored various types of risks associated with digital payment system.
Keywords: Secure multi-party computation, Financial cryptography, Threat analytics, E-cash, Mobile commerce, Digital economy.