Multi-party fair exchange protocol using ring architecture model

Abstract

We present a new protocol which allows multiple parties to exchange electronic items over the Internet in a secure and fair way. This allows either each party to get what it expects to receive, or neither party to receive anything. This protocol is applicable to various electronic businesses, for example, electronic shopping, group purchases, electronic voting, electronic auctions, and electronic bidding. The multi-party fair exchange protocol using the ring model is more efficient and robust than the protocol using the full-mesh model proposed by SEMPER. Our protocol reduces its communication complexity and simplifies its recovery procedures compared with SEMPER's.