TY - GEN
T1 - Short Paper
T2 - 3rd Workshop on Coordination of Decentralized Finance, CoDecFin 2022, 2nd Workshop on Decentralized Finance, DeFi 2022, 7th Workshop on Advances in Secure Electronic Voting, VOTING 2022, and 6th Workshop on Trusted Smart Contracts, WTSC 2022, held in Association with the 26th International Conference on Financial Cryptography and Data Security, FC 2022
AU - Agarwal, Amit
AU - De Caro, Angelo
AU - Miller, Andrew
N1 - Publisher Copyright:
© 2023, International Financial Cryptography Association.
PY - 2023
Y1 - 2023
N2 - This paper proposes a secure decentralized protocol that a consortium of local banks can use to complete a netting process in a privacy-preserving fashion without relying on a single central bank. To do so, it makes use of two key ingredients - zero-knowledge proofs and secure multiparty computation (MPC). We use these two primitives to construct a multi-phase protocol and prove its security in the UC framework. We also study the feasibility of using Linear programming based solution to find optimal solution to the netting problem in gridlock scenarios. To do so, we implemented a proof of concept of our proposed protocol using MP-SPDZ [Kel20] (a framework for prototyping MPC applications) and analyzed the costs involved. Compared to prior work [Cao+20], we manage to achieve 40–50% higher percentage settlement of total transaction.
AB - This paper proposes a secure decentralized protocol that a consortium of local banks can use to complete a netting process in a privacy-preserving fashion without relying on a single central bank. To do so, it makes use of two key ingredients - zero-knowledge proofs and secure multiparty computation (MPC). We use these two primitives to construct a multi-phase protocol and prove its security in the UC framework. We also study the feasibility of using Linear programming based solution to find optimal solution to the netting problem in gridlock scenarios. To do so, we implemented a proof of concept of our proposed protocol using MP-SPDZ [Kel20] (a framework for prototyping MPC applications) and analyzed the costs involved. Compared to prior work [Cao+20], we manage to achieve 40–50% higher percentage settlement of total transaction.
KW - Privacy-preserving Netting
KW - Secure multiparty computation
KW - Zero-knowledge proofs
UR - https://www.scopus.com/pages/publications/85172667345
UR - https://www.scopus.com/pages/publications/85172667345#tab=citedBy
U2 - 10.1007/978-3-031-32415-4_19
DO - 10.1007/978-3-031-32415-4_19
M3 - Conference contribution
AN - SCOPUS:85172667345
SN - 9783031324147
T3 - Lecture Notes in Computer Science
SP - 280
EP - 298
BT - Financial Cryptography and Data Security. FC 2022 International Workshops - CoDecFin, DeFi, Voting, WTSC, Revised Selected Papers
A2 - Matsuo, Shin’ichiro
A2 - Gudgeon, Lewis
A2 - Perez Hernandez, Daniel
A2 - Werner, Sam
A2 - Klages-Mundt, Ariah
A2 - Haines, Thomas
A2 - Essex, Aleksander
A2 - Bracciali, Andrea
A2 - Sala, Massimiliano
PB - Springer
Y2 - 6 May 2022 through 6 May 2022
ER -