A secure peer to peer multiparty transaction scheme based on blockchain

Abstract

Blockchain has become one of the most important techniques in decentralized cryptocurrency systems. It has drawn much attention from both academia and industrial circles. However, most of the existing blockchain based schemes only support transactions within two parties. In many real world scenarios, a transaction may involve multiple parties, if these parties involved conduct their transactions ruled by traditional blockchain, the communication burden will grow much larger. In this paper, we propose a secure peer to peer multiparty transaction scheme based on blockchain. It allows multiple users to participant in one transaction at the same time by making use of secret sharing mechanism. We illustrate the interactions between each entity in the scheme and present the concrete algorithms. In addition, we conduct formal security proof and performance evaluation comparisons. By analysis, the high security level and favorable performance demonstrate that the proposed scheme is efficient to implement.