RZKPB: A Privacy-Preserving Blockchain-Based Fair Transaction Method for Sharing Economy

Abstract

Emerging blockchain systems have been widely adopted in sharing economy, such as e-commerce, to allow mutually distrustful parties to transact fairly without trusted parties. Most blockchain systems, however, lack transactional privacy protection. All transactions, including trading relationship between pseudonyms and content transacted, are exposed on the blockchain. Although many existing privacy protection methods on the blockchain have been proposed, it is difficult to find a trade-off between keeping speed and protecting privacy of transactions. To address this limitation, we propose a novel privacy-preserving method RZKPB that does not store financial transactions in clear on the blockchain, thus retaining transactional privacy from the public's view. Meanwhile, these transactions are as proofs to solve disputes between trading partners. RZKPB ensures fairness and privacy of transactions between participants without adding a new trusted party and breaking the verifying protocol on the blockchain. We take the e-commerce as an example in sharing economy to introduce RZKPB in our paper. Our experimental results show that compared with existing privacy-preserving methods based on the blockchain, RZKPB is more efficient under different settings.