Secure Cryptographic E-Auction System

Abstract

The evolution of the auction market has been on the upswing throughout the years as technology evolves at an accelerating rate. With the advanced technology nowadays, digital transformation has been applied to the auction markets as a means of transferring goods or services in an online form. Electronic auctions enable sellers to reach a broader range of prospective bidders and participate in the auctions anywhere-anytime. Nevertheless, the security aspects of the e-auction system have become the main concerns for the parties involved. Hence, a secure cryptographic electronic auction system is proposed by employing the underlying cryptographic schemes as the building blocks, namely, asymmetric encryption, digital signature scheme, and hash functions. The proposed e-auction system fulfills the security requirements, encompassing anonymity, correctness, confidentiality, privacy, integrity, and fairness. Performance analysis has also been performed on our proposed e-auction system.