BLOCKCHAIN BIDDING SYSTEM

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Published: May 28, 2020
DOI: https://doi.org/10.26483/ijarcs.v11i0.6607
Keywords:
Block-chain, Bidding system, E-auction, Public and Sealed bid.

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Dr Ashwin Kumar U M
Archana B H
Monica B
Kishan Achar T R
Pallavi M

Abstract

The paper introduces a blockchain bidding system. As internet services are used across the world Convergence technologies have changed people's daily lives ever more for e-sales, e-travel and more. The online E- auction being one of the popular e-practices, offers to sell products to the highest bidder through the internet. As with the sealed bid the broker has to be paid additional processing fees on top of the initial costs because the broker is the only way for the bidder to get through to the seller during the auction. Apparently one cannot judge whether the broker is trustworthy or not. To tackle this problem we propose a low cost transaction blockchain platform to build a sealed or a public bid .The smart contract announced in 1990 and reinforced via Ethereum's blockchain, will guarantee the fact that all the transactions are registered on the same yet decentralized booklets which is safe, private and non-reputable and unalterable. The intelligent contract includes the auctioneer’s address, the start of the auction, the Date, the winner’s address and the current highest bid

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Vol. 11 (2020): VOLUME 11 SPECIAL ISSUE 1, MAY 2020
Section
Articles

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References

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