Blockchain-Based Smart Contract for E-Bidding System

Abstract

Electronic bidding systems have become widespread since the advent of the internet and mobile phones. In the Electronic bidding systems, the seller will sell an item and many buyers will bid for that item and the highest bidder will get the item. One of the main issue with this E-Bidding system is the introduction of third-party mainly a company or set of companies which will develop and host either the website or smartphone application. The Buyers and the Sellers have to trust this company because all the bidding process will be handled by the company. The company can manipulate the bidding process if it wants. So to avoid the trust issues blockchain based electronic bidding system is introduced in this paper. In this model, there is no need for third party. Smart Contract will handle all the bidding transactions. Since blockchains are known for its integrity this system makes sure that the integrity of the bidding process is preserved.