scholarly journals A Blockchain-Based Sealed-Bid e-Auction Scheme with Smart Contract and Zero-Knowledge Proof

2021 ◽  
Vol 2021 ◽  
pp. 1-10
Author(s):  
Honglei Li ◽  
Weilian Xue
Keyword(s):  
Third Party ◽  
Zero Knowledge ◽  
The Third ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Sealed Bid ◽  
Transaction Process ◽  
Bid Price ◽  
The Third Party ◽  
Zero Knowledge Proof

e-Auction improves the efficiency of bid transaction. However, the protection of bidders’ privacy, transaction fairness and verifiability, transaction data security, high cost of third-party auction center, and other issues have attracted more attention. According to the transaction process and basic principles of the sealed auction, we explored the problems existing in the current sealed-bid e-auction schemes. Based on the blockchain technology, we proposed a sealed-bid e-auction scheme with smart contract technology, Bulletproofs zero-knowledge proof protocols, and Pedersen commitment algorithm. The proposed scheme constructed an auction mechanism without the third-party auctioneer so as to restrict the behaviors of auction parties for the sake of auction security, reliability, fairness, and privacy protection. Compared with the related sealed e-auction schemes based on blockchain technologies in six metrics, we conducted the experiment to show that the proposed scheme protected the bid information from leakage well and successfully verified the winning bid price and the related bidder by all transaction participants without the third-party auctioneer.

scholarly journals Blockchain-Based Trust Auction for Dynamic Virtual Machine Provisioning and Allocation in Clouds

2021 ◽  
Vol 2021 ◽  
pp. 1-10
Author(s):  
Hao Xu ◽  
Weifeng Liu ◽  
Xu Liu
Keyword(s):  
Information Leakage ◽  
Third Party ◽  
Prototype System ◽  
The Third ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Virtualization Technology ◽  
Different Types ◽  
Virtual Machine Provisioning ◽  
The Third Party

Cloud computing uses virtualization technology to provide users with different types of resources in the form of services. The third party plays a crucial role in coordinating cloud market between cloud providers and users. As for providing services or trading, the extra broker fees are required for the middleman because the third party facilitates transactions. Moreover, there is no guarantee that the third party is trusted, which can lead to information leakage, data tampering, and unfair trading. Blockchain technology is an emerging technology that can store and communicate data between entities that unnecessarily trust each other. To resolve the problems, this paper presents the blockchain-based trust and fair system and develops the smart contract of auction and transaction. The prototype system is implemented based on the Hyperledger Fabric. The experimental results prove the feasibility of the scheme.

Blockchain Based Bidding System

2021 ◽  
Vol 9 (VIII) ◽  
pp. 51-53
Author(s):  
Mr. C. K Srinivas
Keyword(s):  
Third Party ◽  
Start Time ◽  
Plain Text ◽  
The Public ◽  
Aes Algorithm ◽  
Cipher Text ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Sealed Bid ◽  
Final Output

The E-auction, one of the most common e-commerce events, allows bidders to bid directly on the Internet. As with the sealed deal, additional transaction costs are needed with intermediaries, as the third party plays an essential role between buyers and sellers in helping to negotiate both during the auction. In fact, it never confirms that a third party is trustworthy. To solve the problems, we propose the low transaction cost blockchain technology which is used to build the public bid and sealed bid smart contract. The smart contract consists of the Auctioneer address, the start time for the auction, the deadline, the current winner's address, and the current highest price. The project demonstrates the bidding framework with blockchain technology. This bidding application prepared by using Advanced Encryption Standard(AES) Algorithm. This algorithm contains AES cipher specifiers the number of repetitions of transformation rounds, that converts the input called the plain text, then into the final output called cipher text.

Resolving tension from the third-party forgiveness effect

2014 ◽  
Author(s):  
Jaclyn M. Moloney ◽  
Chelsea A. Reid ◽  
Jody L. Davis ◽  
Jeni L. Burnette ◽  
Jeffrey D. Green
Keyword(s):  
Third Party ◽  
The Third ◽  
The Third Party

The Potential Of Blockchain Technology To Change International Mobile Roaming Business Model

2019 ◽  
Vol 5 (1) ◽  
pp. 15-22
Author(s):  
Ardian Thresnantia Atmaja
Keyword(s):  
Business Model ◽  
Current Situation ◽  
Business Value ◽  
Third Party ◽  
Fundamental Aspect ◽  
Clearing House ◽  
Blockchain Technology ◽  
Smart Contract ◽  
Target Architecture ◽  
Architecture Development

The key objectives of this paper is to propose a design implementation of blockchain based on smart contract which have potential to change international mobile roaming business model by eliminating third-party data clearing house (DCH). The analysis method used comparative analysis between current situation and target architecture of international mobile roaming business that commonly used by TOGAF Architecture Development Method. The purposed design of implementation has validated the business value by using Total Cost of Ownership (TCO) calculation. This paper applies the TOGAF approach in order to address architecture gap to evaluate by the enhancement capability that required from these three fundamental aspect which are Business, Technology and Information. With the blockchain smart contract solution able to eliminate the intermediaries Data Clearing House system, which impacted to the business model of international mobile roaming with no more intermediaries fee for call data record (CDR) processing and open up for online billing and settlement among parties. In conclusion the business value of blockchain implementation in the international mobile roaming has been measured using TCO comparison between current situation and target architecture that impacted cost reduction of operational platform is 19%. With this information and understanding the blockchain technology has significant benefit in the international mobile roaming business.

Relaxations of Contractual Privity and the Need for Third Party Rights in Chinese Contract Law

2018 ◽  
Author(s):  
Chen Lei
Keyword(s):  
Direct Action ◽  
Contract Law ◽  
Third Party ◽  
Chinese Law ◽  
The Third ◽  
Right Of Action ◽  
The Law ◽  
The Third Party ◽  
The Right

This chapter examines the position of third party beneficiaries in Chinese law. Article 64 of the Chinese Contract Law states that where a contract for the benefit of a third party is breached, the debtor is liable to the creditor. The author regards this as leaving unanswered the question of whether the thirdparty has a right of direct action against the debtor. One view regards the third party as having the right to sue for the benefit although this right was ultimately excluded from the law. Another view, supported by the Supreme People’s Court, is that Article 64 does not provide a right of action for a third party and merely prescribes performance in ‘incidental’ third party contracts. The third view is that there is a third party right of action in cases of ‘genuine’ third party contracts but courts are unlikely to recognize a third party action where the contract merely purports to confer a benefit on the third party.

Contracts for the Benefit of Third Parties Under the Taiwan Civil Code

2018 ◽  
Author(s):  
Sheng-Lin JAN
Keyword(s):  
Civil Code ◽  
Third Parties ◽  
Third Party ◽  
The Third ◽  
Legal Relationship ◽  
The Third Party ◽  
Privity Of Contract

This chapter discusses the position of third party beneficiaries in Taiwan law where the principle of privity of contract is well established. Article 269 of the Taiwan Civil Code confers a right on the third party to sue for performance as long as the parties have at least impliedly agreed. This should be distinguished from a ‘spurious contract’ for the benefit of third parties where there is no agreement to permit the third party to claim. Both the aggrieved party and the third party beneficiary can sue on the contract, but only for its own loss. The debtor can only set off on a counterclaim arising from its legal relationship with the third party. Where the third party coerces the debtor into the contract, the contract can be avoided, but where the third party induces the debtor to contract with the creditor by misrepresentation, the debtor can only avoid the contract if the creditor knows or ought to have known of the misrepresentation.

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