Securely Trading Unverifiable Information without Trust
Yuqing Kong, Yiping Ma, Yifan Wu

TL;DR
This paper introduces SMind, a trust-free protocol for secure, truthful, and fair trading of unverifiable information using peer prediction, secure multi-party computation, and smart contracts, eliminating the need for trusted intermediaries.
Contribution
The paper presents SMind, a novel trust-free protocol enabling secure and truthful information trading without a trusted center, leveraging advanced cryptographic and economic tools.
Findings
SMind ensures high-quality information is securely sold at fair prices.
The protocol prevents low-quality sellers from earning unfairly.
It guarantees that only the buyer learns the information after trade.
Abstract
In future, information may become one of the most important assets in economy. However, unlike common goods (e.g. clothing), information is troublesome in trading since the information commodities are \emph{vulnerable}, as they lose their values immediately after revelation, and possibly unverifiable, as they can be subjective. By authorizing a trusted center (e.g. Amazon) to help manage the information trade, traders are ``forced'' to give the trusted center the ability to become an information monopolist. To this end, we need a trust-free (i.e. without a trusted center and with only strategic traders) unverifiable information trade protocol such that it 1) motivates the sellers to provide high quality information, and the buyer to pay for the information with a fair price (truthful); 2) except the owner, the information is known only to its buyer if the trade is executed (secure).…
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Taxonomy
TopicsBlockchain Technology Applications and Security · Cryptography and Data Security · Privacy-Preserving Technologies in Data
