A Blockchain-Based P2P Transaction Method and Sensitive Data Encoding for E-Commerce Transactions

Abstract

With the rapid development and application of information technology, blockchain technology (BT) has become an important means to promote the integration of the real economy and the digital economy. BT reached a certain level of development for application in asset transactions, finance, and traceability. However, existing technology provides no reasonable trading method and application framework for the use of BT in peer-to-peer (P2P) transactions. This article proposed a blockchain-based P2P transaction method, which we simulated using Go programming language. We apply BT to smart contracts and electronic transactions, and introduce a mechanism of association between digital assets and physical assets. The proposed method can ensure the data security and establish trust among entities. It can also reduce business divergence and costs. For the sensitive data involved in a transaction, we propose an encoding algorithm to prevent the leaks of sensitive data in circulation. The calculations of the matrices of the algorithm can use the computing resources of all nodes in the blockchain to calculate in parallel, and then summarize the results. This makes full use of the massive graphic processing unit resources in the blockchain, and makes the calculation valuable. © 2012 IEEE.