Multi-dimensional hash chain for sealed-bid auction

Sealed-bid electronic auction is an electronic auction where each submitted bid can be opened only after the closing time of the bid. A number of hash-based approaches were proposed which have advantages over non hash-based approaches due to the simplicity and efficiency of hash. We argue that the existing hash-based approaches do not offer both the security and efficiency at the acceptable level. Then, we propose a new hash-based approach which provides the two properties at more acceptable level than the existing approaches. In particular, we show that with the high level of security offered, our approach is more efficient than the existing approaches.