Feature Article: Consumer Electronics Security Supporting BlockchainBased Cryptocurrency Mobile Payment With Smart Devices Lei Xu University of Texas Rio Grande Valley Xinxin Fan IoTeX Lin Chen University of Houston Nolan Shah University of Houston Zhimin Gao University of Houston Nour Diallo University of Houston Larry Carranco University of Houston Weidong Shi University of Houston Abstract-The smart device owning rate such as smart phone and smart watch is higher than ever before and mobile payment has become one of the major payment methods in many different areas. At the same time, blockchain-based cryptocurrency is becoming a nonnegligible type of currency and the total value of all types of cryptocurrency has reached USD 200 billion. Therefore, it is a natural demand to support cryptocurrency payment on mobile devices. Considering the poor infrastructure and low penetration of financial service in developing countries, this combination is especially attractive. The high storage cost and payment processing latency are the two main obstacles for mobile payment using cryptocurrency. We propose two different schemes for cryptocurrency mobile payment, one involves a centralized bank and the other one does not require any centralized party. We also provide a solution for the bank to meet KYC (know your customer)/AML (antimoney laundering) compliance requirements when it is involved in cryptocurrency mobile payment processing. Digital Object Identifier 10.1109/MCE.2019.2953734 Date of current version 7 February 2020. 26 2162-2248 ß 2019 IEEE Published by the IEEE Consumer Electronics Society IEEE Consumer Electronics Magazine