Blockchain Technology for e-Marketplace

Abstract

We developed a blockchain-based E-marketplace. A decentralized E-marketplace platform utilizing the blockchain technology is implemented. We use the self-enforcement of smart contracts to secure the deposit and process the payment. Each transaction is verified through the blockchain and is recorded to the decentralized ledger. This enables trustless transactions since the smart contract is self-executed. The smart contract is able to perform credible transactions without trusted third parties, and the transactions on the blockchain are trackable and irreversible. Therefore, both the buyer and the seller cannot breach the contract. All processes are recorded on the blockchain including the product launch, purchase, delivery, and payment. It is trackable and could be submitted to courts as electronic evidence to solve the transaction disputes.