Enabling the Sharing Economy: Privacy Respecting Contract based on Public Blockchain

Abstract

Blockchain is a novel way to construct fully distributed systems and has the potential to disrupt many businesses including Uber and Airbnb within the sharing economy. Specifically, blockchain provides a method to enforce the agreement between a user and the physical property owner without using any trusted party, e.g., if a user pays the agreed money, the blockchain guarantees that he/she has access to the property. While a blockchain based system has many desirable features, it may leak privacy information of involved parties due to its openness to the public. To mitigate the privacy concern, we propose a privacy respecting approach for blockchain-based sharing economy applications, which leverages a zero-knowledge scheme. We also analyze the security features and performance of the proposed approach to demonstrate its effectiveness in these applications.