Paper 2021/1193

JUBILEE: Secure Debt Relief and Forgiveness

David Cerezo Sánchez

Abstract

JUBILEE is a securely computed mechanism for debt relief and forgiveness in a frictionless manner without involving trusted third parties, leading to more harmonious debt settlements by incentivising the parties to truthfully reveal their private information. JUBILEE improves over all previous methods: - individually rational, incentive-compatible, truthful/strategy-proof, ex-post efficient, optimal mechanism for debt relief and forgiveness with private information - by the novel introduction of secure computation techniques to debt relief, the “blessing of the debtor ” is hereby granted for the first time: debt settlements with higher expected profits and a higher probability of success than without using secure computation A simple and practical implementation is included for “The Secure Spreadsheet”. Another implementation is realised using Raziel smart contracts on a blockchain with Pravuil consensus.

Metadata
Available format(s)
PDF
Category
Applications
Publication info
Preprint. Minor revision.
Keywords
secure computationmechanism designdebt forgiveness
Contact author(s)
david @ calctopia com
History
2021-09-17: received
Short URL
https://ia.cr/2021/1193
License
Creative Commons Attribution
CC BY

BibTeX

@misc{cryptoeprint:2021/1193,
      author = {David Cerezo Sánchez},
      title = {JUBILEE: Secure Debt Relief and Forgiveness},
      howpublished = {Cryptology ePrint Archive, Paper 2021/1193},
      year = {2021},
      note = {\url{https://eprint.iacr.org/2021/1193}},
      url = {https://eprint.iacr.org/2021/1193}
}
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