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A fair protocol for data trading based on Bitcoin transactions

Delgado-Segura, S; Pérez-Solà, C; Navarro-Arribas, G; Herrera-Joancomartí, J; (2017) A fair protocol for data trading based on Bitcoin transactions. Future Generation Computer Systems 10.1016/j.future.2017.08.021. (In press). Green open access

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Abstract

On-line commercial transactions involve an inherent mistrust between participant parties since, sometimes, no previous relation exists between them. Such mistrust may be a deadlock point in a trade transaction where the buyer does not want to perform the payment until the seller sends the goods and the seller does not want to do so until the buyer pays for the purchase. In this paper we present a fair protocol for data trading where the commercial deal, in terms of delivering the data and performing the payment, is atomic, since the seller cannot redeem the payment unless the buyer obtains the data and the buyer cannot obtain the data without performing the payment. The protocol is based on Bitcoin scripting language and the fairness of the protocol can be probabilistically enforced.

Type: Article
Title: A fair protocol for data trading based on Bitcoin transactions
Open access status: An open access version is available from UCL Discovery
DOI: 10.1016/j.future.2017.08.021
Publisher version: https://doi.org/10.1016/j.future.2017.08.021
Language: English
Additional information: This version is the author accepted manuscript. For information on re-use, please refer to the publisher’s terms and conditions.
Keywords: Fair exchange protocol, Blockchain, Bitcoin, Smart contracts
UCL classification: UCL > Provost and Vice Provost Offices
UCL > Provost and Vice Provost Offices > UCL BEAMS
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science
UCL > Provost and Vice Provost Offices > UCL BEAMS > Faculty of Engineering Science > Dept of Computer Science
URI: http://discovery.ucl.ac.uk/id/eprint/10060287
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