Fair data trading online is a challenging task when there is mistrust between data providers and data collectors. The trust issue leads to an unsolvable situation where the data collector is unwilling to pay until she receives the data while the data provider will not send the data unless she receives the payment. The traditional solutions toward fair data trading rely on the trust-third party. After the emergence of the blockchain, many researchers use a smart contract on blockchain as a trust-less third party to address the mistrust deadlock. However, involving a smart contract in the protocol inevitably exposes some information to the public if the smart contract is on public blockchain cryptocurrency systems. We observe that the existing fair data trading protocols do not take privacy into account, which, for instance, is critical when trading the sensitive data or the players simply do not want to leak any information about the tradings on the public blockchain. In this paper, we construct a fair trading protocol based on a smart contract that provides better privacy to the participants. We introduce new security notions for privacy-preserving blockchain-based fair data trading protocol and prove our protocol is secure under our new notions. Furthermore, we give a prototype implementation on Ethereum smart contract.

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