A DECENTRALIZED AUCTION HOUSE AND E-MARKETPLACE ON TOP OF ETHEREUM

Abstract

This paper describes blockchain enabled Auction House and e-marketplace. Traditional Auction house and e-marketplaces charges commission from users as well as have control over users They can block any merchant on their own wish without permission of merchant. Currently present auction houses charges large commissions. In this paper we’re proposing a platform using blockchain where seller can enlist product without ¬involvement of any third party. Our platform provides choices to seller to enlist product in different ways for selling like Direct Sell, Open Auction and Blind Auction. Different buyers can buy different products by different selling options. After comparison of cost using blockchain with online auction marketplace such as eBay it is observed that selling using blockchain decentralized app is cheaper than online options. Each transaction is verified through the blockchain and is recorded to the decentralized ledger. No trusted third parties. The transactions on the blockchain are trackable and irreversible thus buyers and the seller cannot breach the contract. This is the application which remedies all the drawbacks mentioned above.