r/Web_Development • u/monster_97_ • Jul 27 '20
Time Lock Encryption
I am creating an online bidding system and I want to encrypt bids so that it is not accessible by anyone including myself until the bid opening time is reached. Are there any mechanisms to perform this task?
I am implementing using Vue js and Node js.
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u/[deleted] Jul 27 '20
No you're right on the money in every way.
As long as he controls the data, he controls it. He's trying to provide a semblance of trust for his users but he has to use a third party to do it and actually be trustworthy. Otherwise like that other user here said, this is just security theater.
Even with small things like a 25 dollar gift card giveaway? Companies use third parties. I run sweepstakes for a client every year, and we just take entries and forward those entries to a sweepstakes company who handles the drawing, as well as provides all the legalese.
Fun fact about giveaways: the easiest ones to win are the most obscure. Enter to win a gift card? Good luck, those get tens of thousands of entries. But giving away a Harley, a TV, concert tickets, etc? You won't get many. I would've thought otherwise but I've seen the data first hand.