Anonymous Auction Protocol Based on Time-Released Encryption atop Consortium Blockchain

TL;DR

This paper presents an anonymous sealed-bid auction protocol on a consortium blockchain using time-released encryption and elliptic curve blind signatures to ensure privacy, legitimacy, and prevent collusion.

Contribution

It introduces a novel auction protocol combining time-released encryption with digital certificates and blind signatures for enhanced privacy and security.

Findings

Protocol guarantees bidder anonymity.

Prevents auctioneer-bidder collusion.

Ensures secure and legitimate participation.

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.