The booming Internet economy and generative artificial intelligence have driven the rapid growth of the digital content trading industry, creating an urgent need for the fair protection of the rights of both buyers and sellers. To meet this need, a technique known as buyer–seller watermarking has emerged. Despite its existence, the majority of existing buyer–seller watermarking schemes adopt the owner-side embedding mode, which results in poor scalability. While a handful of schemes adopt the client-side embedding mode to enhance scalability, they either require the deep involvement of a trusted third party or fall short of ensuring complete fairness due to the unresolved unbinding problem. To address these challenges, this paper proposes a fair and scalable watermarking scheme for digital content transactions based on proxy re-encryption and digital signatures. For one thing, this scheme solves the unbinding problem and ensures complete fair protection of the rights of both buyers and sellers. For another, it adopts the client-side embedding mode and has good scalability. Additionally, it eliminates the need for a trusted third party. Finally, theoretical analysis and experiments demonstrate that the proposed scheme achieves the intended design goals and possesses superior efficiency advantages.
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