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Secure relative timestamping using a physically unclonable unitary

Author: We do not publicly disclose author names while approval is pending. (Created 2017-09-16 09:31:08, not yet approved, archivized)

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The rise of high frequency trading (HFT) has highlighted to what extent fibre latency times can be a cause of unequal access to market. One solution is to eliminate the whole sector by introducing a financial transaction tax (FTT), but another are adjustable tax rates, depending on latency-compensated trader performance. In order to accurately evaluate the latter, we propose a timed-release encryption (TRE) system that permits for a transient response pad to be attached to a message, so that a receiver is granted a certain time window after message reception to register a speedy decision. The design relies on a physically unclonable function (PUF) that is used to decrypt the message and the response pad, and speedy return of the latter to the sender, to guarantee that the response pad is only available once, within a time window dictated by the PUF latency. We show that required latency is directly proportional to reach, with e.g. 5 [km] reach requiring PUF lengths of ~ 1.25 [km].
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