Secure sealed‐bid online auctions using discreet cryptographic proofs

This work describes the design and implementation of an auction system using secure multiparty computation techniques. Our aim is to produce a system that is practical under actual field constraints on computation, memory, and communication. The underlying protocol is privacy‐preserving, that is, the winning bid is determined without information about the losing bids leaking to either the auctioneer or other bidders. Practical implementation of the protocol is feasible using circuit‐based cryptographic proofs along with additively homomorphic bit commitment. Moreover, we propose the development of a Proof Certificate standard. These certificates convey sufficient information to recreate the cryptographic proofs and verify them offline.