Block Auction: A General Blockchain Protocol for Privacy-Preserving and Verifiable Periodic Double Auctions

Theodoros Constantinides; John P Cartlidge

doi:10.1109/Blockchain53845.2021.00078

Block Auction: A General Blockchain Protocol for Privacy-Preserving and Verifiable Periodic Double Auctions

Intelligent Systems Laboratory

Research output: Chapter in Book/Report/Conference proceeding › Conference Contribution (Conference Proceeding)

21 Citations (Scopus)

434 Downloads (Pure)

Abstract

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.

Original language	English
Title of host publication	2021 IEEE International Conference on Blockchain (Blockchain)
Editors	Yang Xiang, Ziyuan Wang, Honggang Wang, Valtteri Niemi
Publisher	IEEE Computer Society
Pages	513-520
Number of pages	8
ISBN (Electronic)	978-1-6654-1760-0
ISBN (Print)	978-1-6654-1761-7
DOIs	https://doi.org/10.1109/Blockchain53845.2021.00078
Publication status	Published - 24 Jan 2022
Event	The International Symposium on Fintech and Blockchain Systems - Hybrid, Melbourne, Australia Duration: 6 Dec 2021 → 8 Dec 2021 http://nsclab.org/blockchain2021/index.html

Publication series

Name	Proceedings - 2021 IEEE International Conference on Blockchain, Blockchain 2021

Conference

Conference	The International Symposium on Fintech and Blockchain Systems
Abbreviated title	IEEE Blockchain-2021
Country/Territory	Australia
City	Melbourne
Period	6/12/21 → 8/12/21
Internet address	http://nsclab.org/blockchain2021/index.html

Bibliographical note

Funding Information:
This work was supported by Innovate UK / ESRC funded Knowledge Transfer Partnership between University of Bristol and Claritum Limited (KTP 11952). John Cartlidge is sponsored by Refinitiv.

Publisher Copyright:
© 2021 IEEE.

Keywords

blockchain
double auction,
privacy
smart contract

Access to Document

10.1109/Blockchain53845.2021.00078

Full-text PDF (author’s accepted manuscript)
This is the author accepted manuscript (AAM). The final published version (version of record) is available online via IEEE at https://ieeexplore.ieee.org/document/9680552 . Please refer to any applicable terms of use of the publisher.
Accepted author manuscript, 250 KB

Handle.net

Persistent link

Claritum KTP - 11952
Cartlidge, J. (Principal Investigator)
22/08/19 → 31/01/23
Project: Research

Cite this

Constantinides, T., & Cartlidge, J. P. (2022). Block Auction: A General Blockchain Protocol for Privacy-Preserving and Verifiable Periodic Double Auctions. In Y. Xiang, Z. Wang, H. Wang, & V. Niemi (Eds.), 2021 IEEE International Conference on Blockchain (Blockchain) (pp. 513-520). (Proceedings - 2021 IEEE International Conference on Blockchain, Blockchain 2021). IEEE Computer Society. https://doi.org/10.1109/Blockchain53845.2021.00078

Constantinides, Theodoros ; Cartlidge, John P. / Block Auction : A General Blockchain Protocol for Privacy-Preserving and Verifiable Periodic Double Auctions. 2021 IEEE International Conference on Blockchain (Blockchain). editor / Yang Xiang ; Ziyuan Wang ; Honggang Wang ; Valtteri Niemi. IEEE Computer Society, 2022. pp. 513-520 (Proceedings - 2021 IEEE International Conference on Blockchain, Blockchain 2021).

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title = "Block Auction: A General Blockchain Protocol for Privacy-Preserving and Verifiable Periodic Double Auctions",

abstract = "We use blockchain technology to tackle the problem of securing periodic double auctions for financial {\textquoteleft}dark pool{\textquoteright} 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.",

keywords = "blockchain, double auction,, privacy, smart contract",

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note = "Funding Information: This work was supported by Innovate UK / ESRC funded Knowledge Transfer Partnership between University of Bristol and Claritum Limited (KTP 11952). John Cartlidge is sponsored by Refinitiv. Publisher Copyright: {\textcopyright} 2021 IEEE.; The International Symposium on Fintech and Blockchain Systems , IEEE Blockchain-2021 ; Conference date: 06-12-2021 Through 08-12-2021",

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language = "English",

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series = "Proceedings - 2021 IEEE International Conference on Blockchain, Blockchain 2021",

publisher = "IEEE Computer Society",

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Constantinides, T & Cartlidge, JP 2022, Block Auction: A General Blockchain Protocol for Privacy-Preserving and Verifiable Periodic Double Auctions. in Y Xiang, Z Wang, H Wang & V Niemi (eds), 2021 IEEE International Conference on Blockchain (Blockchain). Proceedings - 2021 IEEE International Conference on Blockchain, Blockchain 2021, IEEE Computer Society, pp. 513-520, The International Symposium on Fintech and Blockchain Systems , Melbourne, Australia, 6/12/21. https://doi.org/10.1109/Blockchain53845.2021.00078

Block Auction: A General Blockchain Protocol for Privacy-Preserving and Verifiable Periodic Double Auctions. / Constantinides, Theodoros ; Cartlidge, John P.
2021 IEEE International Conference on Blockchain (Blockchain). ed. / Yang Xiang; Ziyuan Wang; Honggang Wang; Valtteri Niemi. IEEE Computer Society, 2022. p. 513-520 (Proceedings - 2021 IEEE International Conference on Blockchain, Blockchain 2021).

Research output: Chapter in Book/Report/Conference proceeding › Conference Contribution (Conference Proceeding)

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T2 - The International Symposium on Fintech and Blockchain Systems

AU - Constantinides, Theodoros

AU - Cartlidge, John P

N1 - Funding Information: This work was supported by Innovate UK / ESRC funded Knowledge Transfer Partnership between University of Bristol and Claritum Limited (KTP 11952). John Cartlidge is sponsored by Refinitiv. Publisher Copyright: © 2021 IEEE.

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Y1 - 2022/1/24

N2 - 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.

AB - 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.

KW - blockchain

KW - double auction,

KW - privacy

KW - smart contract

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DO - 10.1109/Blockchain53845.2021.00078

M3 - Conference Contribution (Conference Proceeding)

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T3 - Proceedings - 2021 IEEE International Conference on Blockchain, Blockchain 2021

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BT - 2021 IEEE International Conference on Blockchain (Blockchain)

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Constantinides T , Cartlidge JP. Block Auction: A General Blockchain Protocol for Privacy-Preserving and Verifiable Periodic Double Auctions. In Xiang Y, Wang Z, Wang H, Niemi V, editors, 2021 IEEE International Conference on Blockchain (Blockchain). IEEE Computer Society. 2022. p. 513-520. (Proceedings - 2021 IEEE International Conference on Blockchain, Blockchain 2021). doi: 10.1109/Blockchain53845.2021.00078

Block Auction: A General Blockchain Protocol for Privacy-Preserving and Verifiable Periodic Double Auctions

Abstract

Publication series

Conference

Bibliographical note

Keywords

Access to Document

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Projects

Claritum KTP - 11952

Cite this