A sealed-bid electronic auction protocol based on ring signature

Electronic auction is one of the basic businesses in electronic commerce. The protection of bidder anonymity and the prevention of bidder default are the keys in the designing of secure electronic auction scheme. A fair electronic auction protocol is proposed, which is based on the combination of an efficient group signature scheme relying on the ring signature idea and a public-key cryptosystem of the homomorphic encryption. This scheme has the following advantages: (1) It has a high quality of security and can satisfy all the secure requirements of sealed-bid auction, namely, bidder anonymity, bid undeniability, bid unforgeability, bid secrecy and bid confidentiality, etc. (2) It requires almost no participation of TTP. (3)It is more efficient and safer than others.