Blockchain-based Smart Contract for Decentralized Marketplace

Abstract

The advance of information technology has a growing influence on one of the most popular social trends: online shopping. The rising popularity of online shopping among the general public, as indicated by the growth in the number of online purchasers each year, has prompted business owners to pursue online ventures. The marketplace is intrinsically tied to online buying activity that connects merchants and customers, allowing customers to search for various goods and services from various providers. However, service failures are vulnerable to centralized market systems that emerge frequently. When the company's services to customers fail to satisfy consumer expectations. A breakdown in purchasing and selling essential services, including product delivery and customer support, is referred to as service failure. As a result, not only does this harm confidence, but it may also cause clients to migrate to an alternative marketplace. The marketplace's competitiveness is based on consumer confidence. The decentralized marketplace can address this security concern. A decentralized marketplace is meant to build a system that does not require the confidence of a third party using blockchain technology and smart contracts that can record all transactions clearly and consistently, allowing them to serve as a single point of truth between distrusting entities. The findings largely support the feasibility of Ethereum Smart Contracts to construct a decentralized marketplace. However, there are some places where further study and development are needed.