Decentralized used cars Bidding application using Ethereum

Abstract

Blockchain technology is used to decentralize ledger to keep transaction records. The record of transactions is persistent in a peer-to-peer network. This eliminates central authority needed to confirm the transactions. The participants verify the transactions in peer-to-peer networks. The need for any central authority for any kind of trade settlement, voting, or money transactions is nullified. Blockchain technology has been revolutionizing Information Technology (IT) for the past few years. It is being used in supply chain, health sector, Internet of Things, asset management, banking sector, payments and many more. Blockchain allows decentralization, transparency, security and increased efficiency in the applications. With the increasing awareness of cryptocurrency, the significance of blockchain is obtaining its popularity across the globe.Cars being the most popular mode of transport used by the majority of the population across the globe. Because of the increasing prices of new cars, the popularity of used cars (second hand cars) has increased exponentially over all these years. Identifying this opportunity in the used cars segment, we propose an application that uses blockchain to connect buyers and sellers. By implementing decentralization, we aim to solve security related issues in existing centralized applications. We have implemented an e-auction methodology on top of Ethereum Blockchain. The proposed application allows bidders to directly bid the products over the Internet. The blockchain technology with low transaction cost is used to develop the smart contract of public bid and sealed bid.