Abstract
The Ethereum blockchain as a decentralized platform is so successful that many applications deployed on it. However, for the inherent transparency properties and the lack of privacy, deploying a financial application on top of it is always a challenge. In this paper, we tackle this challenge and propose an anonymous sealed-bid auction protocol based on time-released encryption atop Consortium Blockchain. We adopt a strict digital certificate-based identity mechanism of the consortium blockchain to permit legitimate participants, and utilize the blind signature based on elliptic curve technology to allowing anonymous participation. Moreover, a timed release public key encryption algorithm is adopted to encrypt bids and prevent auctioneer from colluding with bidders. This is completely different from the method (zero-knowledge proof) used in other papers to prevent collusion between auctioneer and bidder. We provide a specific analysis of our protocol, which shows that our protocol meets anonymity and applicability.
Highlights
Electronic auction is one of the basic businesses in electronic commerce [28], which is to transfer the real offline auction scenarios to the Internet
We present an anonymous auction protocol based on time-released encryption on Consortium Block chain
International Journal of Advanced Information Technology (IJAIT) Vol 9, No.1, February 2019 We use the blind signature based on elliptic curve, one-time block chain address and the strict identity access mechanism accompanied by Consortium Block chain to guarantee the privacy of the participants and smart contract
Summary
Electronic auction is one of the basic businesses in electronic commerce [28], which is to transfer the real offline auction scenarios to the Internet. These bids can be opened by auctioneer and the winning bidder can be selected according to certain rules. The auctioneer wants to buy these goods at the lowest price, each supplier hopes to get the trading opportunity to trade with the auctioneer To facilitate this mechanism, the state-of-the-art solution requires a trusted third party (TTP) to host auction tasks to achieve the privacy of the participants and the fairness exchange. The data on the chain is publicly visible, so another challenge is that we cannot guarantee that the auctioneer won’t decrypt the bid on the block chain during bidding time, and secretly leaks the price, or disguises himself as a new bidder to participate in it. We present an anonymous auction protocol based on time-released encryption on Consortium Block chain. The final auction results will be published on the block chain can be verified by anyone
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