The Internet of Things (IoT) has become an integral part of daily life, making the protection of user privacy increasingly important. In gateway-based IoT systems, user data is transmitted through gateways to platforms, pushing the data to various applications, widely used in smart cities, industrial IoT, smart farms, healthcare IoT, and other fields. Threshold Public Key Encryption (TPKE) provides a method to distribute private keys for decryption, enabling joint decryption by multiple parties, thus ensuring data security during gateway transmission, platform storage, and application access. However, existing TPKE schemes face several limitations, including vulnerability to quantum attacks, failure to meet Simulation-Security (SS) requirements, lack of verifiability, and inefficiency, which results in gateway-based IoT systems still being not secure and efficient enough. To address these challenges, we propose a Verifiable Simulation-Secure Threshold PKE scheme based on standard Module-LWE (VSSTPM). Our scheme resists quantum attacks, achieves SS, and incorporates Non-Interactive Zero-Knowledge (NIZK) proofs. Implementation and performance evaluations demonstrate that VSSTPM offers 112-bit quantum security and outperforms existing TPKE schemes in terms of efficiency. Compared to the ECC-based TPKE scheme, our scheme reduces the time cost for decryption participants by 72.66%, and the decryption verification of their scheme is 11 times slower than ours. Compared with the latest lattice-based TPKE scheme, our scheme reduces the time overhead by 90% and 48.9% in system user encryption and decryption verification, respectively, and their scheme is 13 times slower than ours in terms of decryption participants.
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