In traditional auction solutions, there will always be insiders with access to confidential * information such as private bids. Corrupt or negligent insiders pose a serious security threat to auctions through disclosure of otherwise protected information. This can have a devastating effect on the efficiency of an auction.
Our innovative software solutions completely remove the insider threat using deep confidentiality *. This means that bids are encrypted * upon submission and never decrypted. The computation involved in clearing the auction is done entirely on encrypted values, which is made possible by the unique SMC Technology.
Preventing corruption across boarders
To give an example, development aid to a third world country will typically results in a procurement process in the receiver country. While sealed bidding may enhance the competition it clearly requires that non of the participants in the procurement process, gain access to the sealed information. However, the persons in control of the administration have full access to this information and may, as such, be subject for bribery. Our solution can effectively avoid this situation while still leaving the administration of the procurement process to the receiver country.
The control of information can be guaranteed simply by requiring nothing but the use of a trading platform based on the unique SMC technology. Hereby, the submitted bids will remain encrypted and the required computations be done directly on the encrypted information. The result of the procurement auction is revealed to all relevant parties simultaneously. Although the receiver country administrates the trading, they cannot compromise the trading system. The country or organization that provides the aid is in full control of the trading system without being involved in the administration.
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