A Novel Approach to Fully Private and Secure Auction: A Sealed Bid Knapsack Auction

TL;DR

This paper introduces a new fully private sealed-bid auction protocol that enables bidders and sellers to determine the auction outcome without trusted third parties, enhancing privacy and security in electronic auctions.

Contribution

The paper presents a novel technique for designing fully private sealed-bid auctions that eliminate the need for trusted auctioneers, ensuring bidder privacy and secure outcome determination.

Findings

Protocol achieves full privacy for bidders and seller.

Eliminates reliance on trusted auctioneers.

Ensures secure and private auction outcome.

Abstract

In an electronic auction protocol, the main participants are the seller, a set of trusted auctioneer(s) and the set of bidders. In this paper we consider the situation where there is a seller and a set of n bidders intending to come to an agreement on the selling price of a certain good. Full private or bidder-resolved auction means that this agreement is reached without the help of trusted parties or auctioneers. Therefore, only the seller and the set of bidders are involved, the role of the auctioneers becomes obsolete in this case. property.We propose a new technique for the design of a full private sealed-bid auction protocol.