A Blockchain-Based Decentralized Marketplace for Trustworthy Trade in Developing Countries

Abstract

The possibilities that Distributed Ledger Technologies (DLTs) offer for cooperation, development, and achievement of the Sustainable Development Goals (SDGs) are remarkable. This is because DLTs enable several key features, such as sharing complete information about every data transaction in the distributed system that participants belong to, the immutability of the recorded data transactions, or consensus among what data can be regarded as true, of great usefulness for the implementation of the SDGs. As far as developing countries are concerned, this information could be useful in trading locally produced goods, as it could enhance the reputation and profitability of Small-Scale Producers (SSPs). Unfortunately, it is rare to find a digitalized marketplace that has been specifically implemented for this application domain. This paper puts forward a blockchain-based marketplace that makes use of Smart Contracts and offers information about how the sold goods were produced and can be traced to their very origin. Besides, cloud computing has been conceived to be used in this development from the beginning to reduce the computational resources required by end user operations. An implementation with cloud computing facilities, software components running on the Ethereum blockchain and a web front end have been tested with satisfactory performance results.