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Article

Footprints on a Blockchain: Trading and Information Leakage in Distributed Ledgers

Rune Tevasvold Aune, Adam Krellenstein, Maureen O’Hara and Ouziel Slama
The Journal of Trading Summer 2017, 12 (3) 5-13; DOI: https://doi.org/10.3905/jot.2017.12.3.005
Rune Tevasvold Aune
is a senior software engineer with Symbiont.io, Inc. in Trondheim, Norway
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Adam Krellenstein
is the chief technology officer with Symbiont.io, Inc. in New York, NY
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Maureen O’Hara
is the Robert W. Purcell Professor of Finance in the Johnson Graduate School of Management at Cornell University in Ithaca, NY
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Ouziel Slama
is a principal software engineer with Symbiont.io, Inc. in Bordeaux, France
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Abstract

This article examines information leakage when trading in distributed ledgers. We show how the lack of time priority in the period between the publication of a transaction and its validation by miners or designated participants can expose a transaction’s footprint to the market, resulting in potential front-running and manipulation. We propose a cryptographic approach for solving information leakage problems in distributed ledgers that relies on using a hash (or fingerprint) to secure time priority, followed by a second communication that reveals more features of the underlying market transaction—in effect using a transaction’s fingerprint to hide its footprint. Solving the information leakage problem greatly expands the potential applications of private distributed ledger technology to include trading.

  • © 2017 Institutional Investor, LLC
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The Journal of Trading: 12 (3)
The Journal of Trading
Vol. 12, Issue 3
Summer 2017
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Footprints on a Blockchain: Trading and Information Leakage in Distributed Ledgers
Rune Tevasvold Aune, Adam Krellenstein, Maureen O’Hara, Ouziel Slama
The Journal of Trading Jun 2017, 12 (3) 5-13; DOI: 10.3905/jot.2017.12.3.005

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Footprints on a Blockchain: Trading and Information Leakage in Distributed Ledgers
Rune Tevasvold Aune, Adam Krellenstein, Maureen O’Hara, Ouziel Slama
The Journal of Trading Jun 2017, 12 (3) 5-13; DOI: 10.3905/jot.2017.12.3.005
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  • Article
    • Abstract
    • INFORMATION LEAKAGE IN DISTRIBUTED LEDGERS
    • A PROPOSED SOLUTION
    • A MARKET-BASED EXAMPLE
    • CONCLUSIONS
    • APPENDIX
    • ENDNOTES
    • REFERENCES
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