Ehsan Ghasaei

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AKEB

This is a dApp (decentralized app) based on blockchain for first-price, privacy-preserving, sealed-bid auction, in which reduces the cost by 50%, comparing to other privacy-preserving solutions.

Explanation

The transparent, decentralized, and immutable properties of public blockchains make them appealing for applications that could benefit from these properties, including e-auctions. However, the usage of blockchains for such applications is hindered by concerns related to privacy and performance. We introduce a hybrid solution for e-auctions, leveraging the advantages of both centralized processing and the immutable registration offered by a public blockchain. In this approach, bids are processed by the auctioneer, while the masked bids are recorded on the blockchain. Consequently, the identity of the winner and their bid value is publicly accessible, while the remaining bid values remain confidential, known only to the bidder and the auctioneer and verifiable against the public results of the auction. These bids remain sealed unless the bidder chooses to disclose them during a dispute event. In this paper, we explain the proposed solution and present empirical analysis of its performance drawing on the outcomes of our preliminary experiments. We elaborate achieving promised privacy while showing 50% improvement over blockchain-based verifiable sealed-bid auction involving fewer than 15 bidders.

Note: The organization containing all of the source code is available at: Link

Tech Stack

Front-end: React, JavaScript, Ant-design, NPM, Create-react-app
Back-end: Django, RESTful API, Python
Blockchain: Ethereum, Solidity
Version Control: Git - GitHub
Deployment: Docker
Testing:
- Blockchain: Truffle
- Front-end: Mocha

Results

Preserving bidders privacy.
50% cost reduction

Logo

Blockchain icons created by Parzivalâ 1997 - Flaticon

Links:

@ Ehsan Ghasaei, 2023, Univeristy of Victoria (UVIC)

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