Sealed-Bid auction scheme based on Blockchain and Secure Multi-Party Computation

Abstract

With the rapid development of Internet technology, traditional offline auction is gradually transforming to electronic auction, in which the privacy of bidders is becoming more and more concerned. Most of the existing sealed electronic auction schemes guarantee the fairness of the auction through the third party auction house, but the third party’s distrust also brings security risks to the privacy disclosure of the bidder’s identity, price tag and so on. In view of the above problems, this paper proposes an auction scheme based on blockchain and secure multiparty computing. The scheme takes advantage of the characteristics of decentralized and tamper proof of blockchain to build an auction environment without third party. The idea of deposit on blockchain restricts the behavior of bidders and improves the security of sealed auction scheme. Secure multi-party computation and ring signature technology are used to protect the bidders’ privacy from disclosure and public verifiability. Through security analysis, the proposed auction scheme meets the security requirements of electronic auction, and is more fair and reliable than the traditional auction scheme.