Practical Electronic Auction Scheme Based on Untrusted Third-Party

Most electronic auction schemes need assistance of third-party arbitration institution. If the third-party agency conspires with seller or buyer, buyer's bid price and seller's trade secret would be betrayed. Based on the Bit commitment and blind signature, an electronic auction scheme is proposed. The peculiar feature of the proposed scheme is that the third-party agency can be untrusted, namely, the scheme can resist conspiracy attack effectively. Anonymity and security of all bidders, including lose bidder, have the same and important position in the proposed scheme, and are satisfied well too. Moreover, the proposed scheme has additional characteristics such as unforgeability, strong verifiability, non-repudiation, time limitation, fairness and high effectiveness.