Auction verification
US8239331B2 · kind B2 · utility
Assignee
Inventors
Key dates
| Filing date | Dec 11, 2009 |
| Grant date | Aug 7, 2012 |
| Priority date | — |
| Expiry date | Aug 12, 2030 |
Classification
- Technology area (CPC H)Electricity
- CPC primaryH04L2209/466
- WIPO fieldIT methods for management
- WIPO sectorElectrical engineering
Abstract
An auction verification subsystem provides verification, without revealing actual bid values, that bid values remained sealed prior to a closing time for the auction and that an announced winning bidder for the auction provided a highest bid. The verification subsystem receives encrypted bids from bidders and generates commitment data based on the bids and provides the commitment data to each of the bidders. In response to receiving the commitment data, the bidders provide decryption keys for the encrypted bids. In turn, the bids are decrypted and an auction is performed using the decrypted bids. The results of the auction can be verified based on bid representations that do not reveal the actual values of bids, thereby maintaining the secrecy of bids. Providing access to an exchange between bidders and the verification subsystem facilitates verification that the auction is performed as a sealed bid auction.
Source: USPTO / EPO open patent data. Objective bibliographic and citation counts.