Decentralized and Fair Trading Via Blockchain: The Journey So Far and the Road Ahead

Centralized trading platforms have long been the preferred choice for users, despite growing concerns regarding data privacy. Users have to place their trust in these platforms and provide sensitive personal information, like identities and financial accounts. However, these centralized platforms often lack transparency, making it challenging to ensure fairness, privacy, and security against both external and internal risks. In contrast, a decentralized fair trading paradigm, harnessing the potential of blockchain technology, is rapidly emerging. It empowers individuals to engage in the exchange of digital assets with others while guaranteeing fairness, efficiency, and privacy. In this paper, we conduct a comprehensive survey of decentralized fair trading. We commence by providing fundamental definitions of fair trading and tracing its evolution over time. We then delve into the essential framework of on-chain and off-chain trading and highlight key improvements that enhance the efficiency of decentralized fair trading within various application scenarios. Furthermore, we undertake a thorough analysis of privacy and security enhancements within the scope, summarizing defenses against known attacks. Finally, we outline the challenges and offer insights into the future prospects of decentralized fair trading, with the aim of inspiring the development of more innovative and promising designs in this evolving trend.