A Multi-party Rational Exchange Protocol

Abstract

In recent years, existing computing schemes and paradigms have evolved towards more flexible, ad-hoc scalable frameworks. Nowadays, exchanging interactions between entities often takes place in non-structured environments where the number and nature of the different participants are unknown variables. In this context, traditional fair exchange protocols cease to be a feasible solution to the exchanging problem, as they are not sufficiently adaptable to offer the same guarantees in such new scenarios. Rational exchange protocols represent a real alternative to fair exchange exchange. In this paper, we propose the first multi-party rational exchange protocol, giving solution to the exchange problem in a context where the number of entities could vary in each different instance of the protocol and where rational (self-interested) parties, exchange their items without the involvement of a trusted third party (TTP). We also formally analyze our new scheme by applying some Game Theory concepts. Besides the simplicity of our model and a restrictive set of initial assumptions, several real life scenarios can be resolved with the proposed scheme.