research-article

A Blockchain-based Iterative Double Auction Protocol Using Multiparty State Channels

Authors:

Truc D. T. Nguyen,

My T. ThaiAuthors Info & Claims

ACM Transactions on Internet Technology (TOIT), Volume 21, Issue 2

Article No.: 39, Pages 1 - 22

https://doi.org/10.1145/3389249

Published: 15 March 2021 Publication History

Abstract

Although the iterative double auction has been widely used in many different applications, one of the major problems in its current implementations is that they rely on a trusted third party to handle the auction process. This imposes the risk of single point of failures, monopoly, and bribery. In this article, we aim to tackle this problem by proposing a novel decentralized and trustless framework for iterative double auction based on blockchain. Our design adopts the smart contract and state channel technologies to enable a double auction process among parties that do not need to trust each other, while minimizing the blockchain transactions. In specific, we propose an extension to the original concept of state channels that can support multiparty computation. Then, we provide a formal development of the proposed framework and prove the security of our design against adversaries. Finally, we develop a proof-of-concept implementation of our framework using Elixir and Solidity, on which we conduct various experiments to demonstrate its feasibility and practicality.

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Cited By

Cui SXu SHu FZhao YWen JWang J(2024)A Consortium Blockchain-Enabled Double Auction Mechanism for Peer-to-Peer Energy Trading among ProsumersProtection and Control of Modern Power Systems10.23919/PCMP.2023.0000389:3(82-97)Online publication date: May-2024
https://doi.org/10.23919/PCMP.2023.000038
Barbhaya UVishwakarma LDas D(2024)ETradeChain: Blockchain-Based Energy Trading in Local Energy Market (LEM) Using Modified Double Auction ProtocolIEEE Transactions on Green Communications and Networking10.1109/TGCN.2023.33073608:1(559-571)Online publication date: Mar-2024
https://doi.org/10.1109/TGCN.2023.3307360
Chiquito EBodin USchelén OAhmed Afif Monrat a(2024)Digitalized and Decentralized Open-Cry Auctioning: Key Properties, Solution Design, and ImplementationIEEE Access10.1109/ACCESS.2024.339579112(64686-64700)Online publication date: 2024
https://doi.org/10.1109/ACCESS.2024.3395791
Show More Cited By

Index Terms

A Blockchain-based Iterative Double Auction Protocol Using Multiparty State Channels
1. Computer systems organization
  1. Architectures
    1. Distributed architectures
      1. Peer-to-peer architectures
2. Security and privacy
  1. Software and application security
  2. Systems security
    1. Distributed systems security

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Published In

cover image ACM Transactions on Internet Technology

ACM Transactions on Internet Technology Volume 21, Issue 2

June 2021

599 pages

ISSN:1533-5399

EISSN:1557-6051

DOI:10.1145/3453144

Editor:
Ling Liu
Georgia Institute of Technology, USA

Issue’s Table of Contents

Copyright © 2021 Association for Computing Machinery.

Permission to make digital or hard copies of all or part of this work for personal or classroom use is granted without fee provided that copies are not made or distributed for profit or commercial advantage and that copies bear this notice and the full citation on the first page. Copyrights for components of this work owned by others than ACM must be honored. Abstracting with credit is permitted. To copy otherwise, or republish, to post on servers or to redistribute to lists, requires prior specific permission and/or a fee. Request permissions from [email protected].

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Association for Computing Machinery

New York, NY, United States

Publication History

Published: 15 March 2021

Online AM: 07 May 2020

Accepted: 01 March 2020

Revised: 01 February 2020

Received: 01 November 2019

Published in TOIT Volume 21, Issue 2

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Cited By

Cui SXu SHu FZhao YWen JWang J(2024)A Consortium Blockchain-Enabled Double Auction Mechanism for Peer-to-Peer Energy Trading among ProsumersProtection and Control of Modern Power Systems10.23919/PCMP.2023.0000389:3(82-97)Online publication date: May-2024
https://doi.org/10.23919/PCMP.2023.000038
Barbhaya UVishwakarma LDas D(2024)ETradeChain: Blockchain-Based Energy Trading in Local Energy Market (LEM) Using Modified Double Auction ProtocolIEEE Transactions on Green Communications and Networking10.1109/TGCN.2023.33073608:1(559-571)Online publication date: Mar-2024
https://doi.org/10.1109/TGCN.2023.3307360
Chiquito EBodin USchelén OAhmed Afif Monrat a(2024)Digitalized and Decentralized Open-Cry Auctioning: Key Properties, Solution Design, and ImplementationIEEE Access10.1109/ACCESS.2024.339579112(64686-64700)Online publication date: 2024
https://doi.org/10.1109/ACCESS.2024.3395791
Jia XSong XYu C(2023)Privacy-Preserving Attestation Scheme for Revocable UAV Charging Using Hybrid State ChannelsElectronics10.3390/electronics1219399812:19(3998)Online publication date: 22-Sep-2023
https://doi.org/10.3390/electronics12193998
Estrada CNaranjo SToasa VYoo S(2023)A Systematic Literature Review of Blockchain Technology: Applications Fields, Platforms, and Consensus ProtocolsProceedings of the 2023 7th International Conference on Computer Science and Artificial Intelligence10.1145/3638584.3638632(123-131)Online publication date: 8-Dec-2023
https://dl.acm.org/doi/10.1145/3638584.3638632
Chen WHuo RSun CZeng SWang SHuang T(2023)SCRT: A Secure and Efficient State-Channel-Based Resource Trading Scheme for Internet of ThingsIEEE Internet of Things Journal10.1109/JIOT.2023.323677410:11(10038-10051)Online publication date: 1-Jun-2023
https://doi.org/10.1109/JIOT.2023.3236774
Zhang PZhou MLi CAbusorrah A(2023)Dynamic Evolutionary Game-based Modeling, Analysis and Performance Enhancement of Blockchain ChannelsIEEE/CAA Journal of Automatica Sinica10.1109/JAS.2022.10591110:1(188-202)Online publication date: Jan-2023
https://doi.org/10.1109/JAS.2022.105911
Shi Zde Laat CGrosso PZhao Z(2023)Integration of Blockchain and Auction Models: A Survey, Some Applications, and ChallengesIEEE Communications Surveys & Tutorials10.1109/COMST.2022.322240325:1(497-537)Online publication date: Sep-2024
https://doi.org/10.1109/COMST.2022.3222403
Ghasaei EBaniasadi A(2023)Blockchain-Based, Privacy-Preserving, First Price Sealed Bid Auction (FPSBA) Verifiable by Participants2023 5th Conference on Blockchain Research & Applications for Innovative Networks and Services (BRAINS)10.1109/BRAINS59668.2023.10316768(1-8)Online publication date: 11-Oct-2023
https://doi.org/10.1109/BRAINS59668.2023.10316768
Lu GJia XZhang YShao JWei G(2023)A domain name management system based on account-based consortium blockchainPeer-to-Peer Networking and Applications10.1007/s12083-023-01455-316:2(1211-1226)Online publication date: 13-Mar-2023
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