Commit-reveal strategy to increase the transaction confidentiality in order to counter the issue of front running in blockchain

Blockchain technology has certainly revolutionized the world. A decentralized approach devoid of a centralized server/third party access provides complete anonymity, security, and integrity. But still, there is some vulnerability in Blockchain, one of them we discussed in this paper is Front-Running...

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Bibliographic Details
Main Authors: Arulprakash, M., Jebakumar, R.
Format: Conference Proceeding
Language:English
Subjects:
Blockchain
Cryptography
Online Access:Get full text
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Summary:Blockchain technology has certainly revolutionized the world. A decentralized approach devoid of a centralized server/third party access provides complete anonymity, security, and integrity. But still, there is some vulnerability in Blockchain, one of them we discussed in this paper is Front-Running. Front running is mostly exercised in the stock market sector where the traders try to front-run to gain more profit. Now as blockchain technology is flourishing at an immense rate, new forms of front running techniques have been encountered. Thus creating transaction vulnerabilities. In this paper, we explained the front-running issues on MCS-Dapps deployed on Ethereum Blockchain. Furthermore, we will study its working on the system and how it affects clients and miners on their gas prices. Then we implemented a commit-reveal strategy to increase the transaction confidentiality to counter the issue of front running.
ISSN:0094-243X
1551-7616
DOI:10.1063/5.0095700