Modelling secure and fair electronic commerce

Security and fairness in business transactions are basic requirements demanded by any participant in electronic markets. We propose COPS as an infrastructure for building adaptable electronic markets with main focus on security and fairness and MOSS as a methodology for analysing and modelling the security semantics of business transactions. Both are necessary to control the risks involved in dealing (trading) with untrusted parties in an open electronic commerce environment. We address the phases information, negotiation and execution of a business transaction and discuss security requirements which in the past were recognised as being very important for electronic market participants but had only received limited or little attention in the electronic commerce research community.