Confidential Payments

Confidential Payment use cases

Litecoin's MimbleWimble Extension Blocks (MWEB) is an innovative protocol enhancement that aims to significantly improve the privacy and scalability of the Litecoin network.

Use cases

1. Confidential Payroll System for Remote Employees

A technology company, TechSecure Inc., employs remote workers from around the world. The company values privacy and security, particularly when handling sensitive payroll data. To maintain confidentiality and ensure that employees' salaries are private, TechSecure Inc. decides to utilize Litecoin's MimbleWimble Extension Blocks (MWEB).

implementation

Before proceeding, you will need to obtain an enterprise plan and choose the the Litecoin node plan (no tokenization). This is the only plan currently supporting this feature.

1. Setting Up Litecoin MWEB Wallets (link):

   • Company Wallet: TechSecure Inc. sets up a Litecoin node with MWEB support. By default all wallets generated using the litecoin node plan supports MWEB.

   • Employee Wallets: Similarly, Each remote employee sets up a Litecoin wallet.

2. Generating MWEB Addresses (link):

   • Employees provide their MWEB addresses to the company's payroll department.

3. Processing Payroll Transactions:

   • On payday, TechSecure Inc. calculates the salary for each employee.

   • The payroll department uses the wallet transaction builder endpoint to send the exact salary amount to each employee's MWEB address. (do not use the Create-Sign-Broadcast approach)

4. Transaction Confirmation and Monitoring:

   • Employees receive their salaries in their wallets, with transaction amounts and addresses kept confidential.

   • TechSecure Inc. monitors the status of these transactions using pteri explorer or using the transaction endpoint

5. Verifying Balances:

   • Both the company and employees can verify their wallet balances to ensure correct payroll processing:

By leveraging Litecoin's MimbleWimble Extension Blocks (MWEB), TechSecure Inc. can provide a secure, private, and efficient payroll system for its remote employees. This use case demonstrates how MWEB can enhance privacy and scalability in real-world applications, making it an attractive option for businesses seeking to protect sensitive financial transactions.