Block Auction: A General Blockchain Protocol for Privacy-Preserving and Verifiable Periodic Double Auctions
- Resource Type
- Conference
- Authors
- Constantinides, Theodoros; Cartlidge, John
- Source
- 2021 IEEE International Conference on Blockchain (Blockchain) BLOCKCHAIN Blockchain (Blockchain), 2021 IEEE International Conference on. :513-520 Dec, 2021
- Subject
- Communication, Networking and Broadcast Technologies
Computing and Processing
Signal Processing and Analysis
Procurement
Privacy
Codes
Conferences
Smart contracts
Government
Blockchains
blockchain
double auction
privacy
smart contract
- Language
We use blockchain technology to tackle the problem of securing periodic double auctions for financial ‘dark pool’ trading, such that the privacy of pre-trade order information is preserved and the behaviour of the auction operator can be verified. A smart contract is used as a public audit trail without revealing the order intention of traders. Auction matching is performed off-chain, allowing alternative auction mechanisms to be used without altering the smart contract code. A full system implementation is deployed on the Harmony blockchain, and comparative evaluation of the protocol demonstrates some clear advantages over the closest published alternative.