With the continued scaling of transistor feature size, the cost of IC development has been escalating. The economics of semiconductor IC development favors high volume manufacturing, while high volume cannot be attained without developing an IC that serves many applications. Some of these applications are in low-margin Internet of Things (IoT) devices, where an SoC cannot command a high price. Consequently, without the ability to customize IC features after production, its lowest-priced application will determine an IC’s price. This motivates the manufacturers to develop chips with provisions for post-manufacturing IC customization. This paper explores how an IC can be programmed repeatedly and securely using blockchain-based smart contracts to allow users to upgrade orrentfeatures. The availability of such a system could, for example, allow a buyer to upgrade her processor from a low-end to a high-end part by making an additional payment to the manufacturer. Implementing such a system will require remote device management capabilities. Remote device management presents unique design considerations, such as, necessity for transparency of the actions that a device takes on behalf of a user; the requirement of a trusted arbiter; and provision for management of these devices beyond the intended lifespan. To overcome the challenges of transparency, longevity, and the necessity of a trusted arbiter, we propose embedded smart contracts in concert with a blockchain. Our proposed smart contract takes the device feature configuration request as input and outputs the corresponding configuration. To support remote, secure, and authorized updates, we propose an on-die hardware module which communicates with the smart contract and enforces its functionalities. This was prototyped using a programmable system-on-chip working in concert with Ethereum blockchain. The prototype demonstrates the feasibility and practicality of the proposed solution.
This paper focuses on the technology impact via Blockchain to change consumer behavior in the digital art industry. The paper objectives are three folds: first, analyze the impact of Ethereum in selling digital artwork and on the bank world. Second, investigate the effects of Non-Fungible Token on the art industry. Third, highlight how people can sell their artworks, tweets, or even memes for thousands of dollars. Fourth, explain the effect of Ethereum in creating value for artwork and why a meme that includes nothing unique to be sold for an unbelievable price? The paper provides insights on the future of the digital arts industry and the rational behavior of the developers, artists, and even customers, as the three parties shape the business of the NFL’s success. It reflects on the investment behavior in digital arts and the importance of a secure long-term investment for a niche segment that seeks to satisfy their need of acquiring unique products. The paper serves as a guide for digital art and focuses on how AI applications create profitable markets.
Francesco Buccafurri, Gianluca Lax, Lorenzo Musarella, Antonia Russo
The need for a flexible, dynamic, and decentralized energy market has rapidly grown in recent years. As a matter of fact, Industry 4.0 and Smart Grids are pursuing a path of automation of operations to insure all the steps among consumers and producers are getting closer. This leads towards solutions that exploit the paradigm of public blockchain, which represents the best platform to design flat and liquid markets for which providing trust and accountability to mutual interactions becomes crucial. On the other hand, one of the risks arising in this situation is that personal information is exposed to the network, with intolerable threats to privacy. In this paper, we propose a solution for energy trading, based on the blockchain Ethereum and Smart Contracts.The solution aims to be a concrete proposal to satisfy the needs of energy trading in smart grids, including the important feature that no information about the identity of the peers of the network is disclosed in advance.
Ilhaam A. Omar, Raja Jayaraman, Mazin Debe, Haya R. Hasan · 6 authors
Information sharing is essential for coordination and stakeholder integration and is crucial to achieving sustainable supply chain operations. Furthermore, improved information sharing assists retailers by reducing the time spent looking for alternative suppliers to meet the unexpected demand surge during pandemics. Recent advances in networking and distributed ledger technologies have enabled secure, improved information communication and broader connectivity. However, due to system interoperability, information quality, confidentiality, and trust, information cannot be exchanged seamlessly, resulting in the inefficiency of managing supply chain operations. In this paper, we propose a blockchain-based inventory sharing approach based on smart contracts using a private Ethereum network to link suppliers and retailers. Our approach combines blockchain technology with decentralized storage to increase transparency, trust, and security of supply chain transactions. We present a generalized mechanism for secure information sharing that includes comprehensive algorithms to capture supply chain stakeholder interactions that enhance trust among participating entities. The smart contract was developed and validated using the Remix IDE, and the code is made publicly available on Github. We analyze the solution for various security vulnerabilities and provide a detailed cost analysis for various stakeholder transactions in the supply chain. Our solution demonstrates that a blockchain-based approach reduces inefficiencies, is economical, commercially viable, and provides improved information connectivity among supply chain stakeholders in a trusted and secure way.
Behkish Nassirzadeh, Huaiying Sun, Sebastian Bănescu, Vijay Ganesh
In recent years we have witnessed a dramatic increase in the adoption and application of smart contracts in a variety of contexts such as decentralized finance, supply chain management, and identity management. However, a critical stumbling block to the further adoption of smart contracts is their security. A particularly widespread class of security vulnerabilities that afflicts Ethereum smart contracts is the gas limit denial of service(DoS) on a contract via unbounded operations. These vulnerabilities result in a failed transaction with an out-of-gas error and are often present in contracts containing loops whose bounds are affected by end-user input. Note that such vulnerabilities differ from gas limit DoS on the network via block stuffing. Therefore, we present Gas Gauge, a tool aimed at detecting Out-of-Gas DoS vulnerabilities in Ethereum smart contracts. Gas Gauge consists of three major components: the Detection, Identification, and Correction Phases. The Detection Phase consists of an accurate static analysis approach that finds and summarizes all the loops in a smart contract. The Identification Phase uses a white-box fuzzing approach to generate a set of inputs that causes the contract to run out of gas. The Correction Phase uses static analysis and run-time verification to predict the maximum loop bounds consistent with allowable gas usage and suggest appropriate repairs to the user of the tool. Each part of the tool can be used separately for different purposes or all together to detect, identify and help repair the contracts vulnerable to Out-of-Gas DoS vulnerabilities. Gas Gauge was tested on 1,000 real-world solidity smart contracts deployed on the Ethereum Mainnet. The results were compared to seven state-of-the-art static and symbolic tools, and it was empirically demonstrated that Gas Gauge is far more effective than competing state-of-the-art tools.
The Internet of things (IoT) is the key enabler of the smart systems used in many areas, from agriculture to aviation, industrial automation to autonomous vehicles. Most IoT deployments employ cost-efficient lightweight devices with limited resources (e.g., bandwidth, energy, storage). Although an IoT network must be built in its simplest form, engineers include more sophisticated devices like gateways and servers to provide web-based services and benefit from cloud systems. So, although the nodes can be widely distributed geographically or topologically, the system becomes centralized, which causes bottlenecks and single-points-of-failure. Furthermore, providing data integrity, nonrepudiation, and event management becomes tricky. In most IoT scenarios, data usually flow from sensors to storage and processing units, whereas event-driven commands and triggers flow from these units to actuators, if any. Therefore, an attacker who gained access to parts of the centralized systems may leak, alter, or remove critical data and may exploit event handling features. This is where blockchain technology can be extremely useful. Using a decentralized ledger as the data storage unit provides integrity, immutability, and nonrepudiation for any IoT deployment. And a customized smart contract lets the IoT deployment benefit from decentralized and immutable (i.e. nonmanipulatable) event management features, too. Further, decentralization provides resilience against availability attacks to a large extent. With this motivation, we introduced a novel IoT architecture that incorporates an Ethereum-based private (Quorum) blockchain running a unique ad-hoc smart contract and a message queue telemetry transport (MQTT) based communication scheme between sensor and actuator nodes. The scheme, the ledger, and the smart contract have also been implemented with several nodes, a broker, and a server all on a PC using Docker containers, where the server was running a forest fire risk detection algorithm as the use case scenario. The proof-of-concept successfully validates the abovesaid functionality, scalability, and efficiency for the given IoT scenario (and some others). Moreover, performance tests showed that an instance of the system with 1000 nodes could stably process and record incoming (sensor) data up to 12.5 transactions per second (TPS) and distribute commands up to 4 TPS, whereas higher TPS is achievable depending on the network conditions and tolerance to losses. The scheme was shown to have polynomial message and time complexity.
Rodrigo Dutra Garcia, Gowri Ramachandran, Raja Jurdak, Jó Ueyama
Real-world applications in healthcare and supply chain domains produce, exchange, and share data in a multi-stakeholder environment. Data owners want to control their data and privacy in such settings. On the other hand, data consumers demand methods to understand when, how, and who produced the data. These requirements necessitate data governance frameworks that guarantee data provenance, privacy protection, and consent management. We introduce a decentralized data governance framework based on blockchain technology and proxy re-encryption to let data owners control and track their data through privacy-enhancing and consent management mechanisms. Besides, our framework allows the data consumers to understand data lineage through a blockchain-based provenance mechanism. We have used Digital e-prescription as the use case since it has multiple stakeholders and sensitive data while enabling the medical fraternity to manage patients' prescription data, involving patients as data owners, doctors and pharmacists as data consumers. Our proof-of-concept implementation and evaluation results based on CosmWasm, Ethereum, and pyUmbral PRE show that the proposed decentralized system guarantees transparency, privacy, and trust with minimal overhead.
Bu makalenin amacı kriptopara birimleri olarak da adlandırılan merkezi olmayan para birimleri olan Bitcoin Cash, Ethereum, Litecoin ve Ripple arasındaki ilişkilerin ortaya çıkarılmasıdır. Çalışmada üzerinde çalışılan dönem 03.08.2017 – 17.03.2020 tarihleri arasıdır. Çalışmada birim kök testi olarak Augmented Dickey-Fuller (ADF) testi uygulanarak serilerin durağan olduğu düzeyler saptanmış ve aralarındaki nedensellik ilişkisi Granger nedensellik testi ile sınanmıştır. Seriler arasındaki ilişkilerin yönü ve büyüklüğü, vektör otoregresif (VAR) model tekniğiyle belirlenmeye çalışılmıştır. Ayrıca, etki-tepki analizleri ve varyans ayrıştırma analizleri yapılarak serilerin standart sapmasında meydana gelen değişimin dönem bazında % kaçının diğer değişkenler tarafından açıklandığı ortaya konmuştur.
Yue Pang, Danshi Wang, Xinyong Wang, Jin Li · 5 authors
Telecom big data generated by telecom networks have a high economic value. Thus, telecom operators actively explore telecom big data transactions methods to minimize the possibility of leaking users’ privacy. The existing solutions do not allow the data sets to leave the database, instead only allow the buyers to send data mining algorithms to the telecom operator’s platform for training. However, this centralized platform has a high risk of tampering. In addition, the currently existing solutions cannot be used to accurately and quickly trace the information of telecom big data transactions. To address these limitations, we propose a blockchain-based reliable traceability system for telecom big data transactions using smart contracts and the InterPlanetary File System. Two types of smart contracts are developed to store transaction information for tracing. Access control strategies and a reapproval prevention strategy are designed for ensuring the safe operation of the system and avoiding the problem of favoritism and fraud. We use Ethereum as a verification platform to develop and evaluate this system. The implementation of functions, such as purchasing data sets, sending algorithms, obtaining results, and tracing transactions in the smart contract and the implementation of the proposed strategies are verified. The results demonstrate that the performance of the proposed system is better than the existing solutions, and the traceability response time is improved to the order of seconds, so as to realize the safe and efficient traceability of telecom big data transactions. In addition, Ethereum and Hyperledger Fabric v0.6 were discussed to provide insights for future development.
The existing domain name system relies heavily on the root domain name server and has unilateral management problems, which is not conducive to the open and equal development of the Internet environment. Blockchain technology provides new technical means to solve the centralization problem of the root resolution system but induces high consumption and slow query issues. In this paper, we studied optimizing the blockchain smart contract virtual machine, specifically EVM (Ethereum Virtual Machine), for realizing a domain name system through a smart contract. We abstracted the key data structure of domain name management and added core attributes to the account structure to accelerate domain name management through transactions. Furthermore, we modified the EVM structure and added EVM opcodes that can directly call the underlying logic related to upper-level domain name management to simplify the transaction processing flow. The evaluations show that the system has achieved a two orders of magnitude improvement in the performance of the domain name resolution system based on blockchain.
Abstract Early public blockchains provided low transaction throughputs in the range of 7–30 transactions per second. With the emergence of permissioned and proof-of-stake-based blockchains, transaction throughputs are expected to rise drastically to thousands per second. Blockchain transactions form directed graphs. With high transaction throughputs and growing blockchain adoption by banks, businesses and customers in general, the number of edges in transaction graphs will dynamically grow to billions. An analysis of large-scale transaction graphs is needed for tracing fraudulent activities on blockchains. This chapter will cover topics such as distributed graph data structures, the use of message passing libraries, and parallel graph algorithms in order to build a scalable transaction graph analysis system. Results from the analysis of the real Ethereum and Bitcoin public blockchain data involving cryptocurrency and ERC20 token transactions will be presented.
E-Donation cloud funding system is an indispensable part of the society. It is a feasible method to assist any donors in any part of the world. Donors require fully secured system where there all information will not be hacked by hackers. As Web 3.0 is the third generation of internet services that can make the system fully secured which is distributed decentralized and semantic. It means with the Artificial Intelligence (AI); it does not have a centralized control node. Public Blockchain- a decentralized, distributed ledger technology - is the implementation of Web 3.0 that technology will be used to develop this system which would be an open source. This paper will look into Ethereum Blockchain technology and recognize the fundamental support it provides for Web 3.0 framework.
We execute a comparative analysis of machine learning models for the time-series forecasting of the sign of next-day cryptocurrency returns. We begin by compiling a proprietary dataset that encompasses a wide array of potential cryptocurrency valuation factors (price trends, liquidity, volatility, network, production, investor attention), subsequently identifying and evaluating the most significant factors. We apply eight machine learning models to the dataset, utilizing them as classifiers to predict the sign of next day price returns for the three largest cryptocurrencies by market capitalization: bitcoin, ethereum, and ripple. We show that the most significant valuation factors for cryptocurrency returns are price trend variables, seven and thirty-day reversal, to be specific. We conclude that support vector machines result in the most accurate classifications for all three cryptocurrencies. Additionally, we find that boosted models like AdaBoost and XGBoost have the poorest classification accuracy. At length, we construct a probability-based trading strategy that secures either a daily long or short position on one of the three examined cryptocurrencies. Ultimately, the strategy yields a Sharpe of 2.8 and a cumulative log return of 3.72. On average, the strategy’s log returns outperformed standalone investments in all three cryptocurrencies by a factor of 5.64, and Sharpe ratios more than threefold.
To facilitate the consumers’ online shopping, it is very necessary to build a reliable and sustainable product evaluation management (PEM) system to store, secure, and retrieve the evaluation data of products. To this end, we propose a novel PEM system based on blockchain technologies. In this PEM system, the evaluation data of products including evaluation scores and comments are stored in the interplanetary file system (IPFS), and then the data hash addresses are returned and stored on the blockchain. Then, the retrieval of evaluation data is implemented by designing and deploying smart contracts on the Ethereum blockchain. Since it is almost impossible to change any data stored in blockchain and IPFS, the proposed PEM system can protect the comment data from intentional or unintentional modifications. Moreover, the proposed PEM system allows users to efficiently and reliably retrieve the relevant evaluation data of a certain product by a given query keyword with the increase of data stored on the blockchain. In addition, to achieve high sustainability, the proposed system also contains an economic incentive mechanism, which is beneficial to form a virtuous circle in online shopping. The proposed system is simulated on the popular blockchain platform, i.e., Ethereum with Solidity programming language. The experimental results and analysis demonstrate that the proposed PEM system achieves desirable usability, reliability, and sustainability.
Wajiha Rehman, Hijab e Zainab, Jaweria Imran, Narmeen Zakaria Bawany
Before the widespread application of blockchain-based technologies, the mechanisms in place for verifying ownership of digital assets and thus, means of securing them remained susceptible to tampering that translated into significant losses. Decades of research and advancements in blockchain led to the development of Non-Fungible Tokens (NFTs), which are tokens that represent digital assets and have proof of ownership embedded. The novel characteristic of each token being unique and distinctive from another has strengthened the security of assets and reinforced unique ownership. This cutting-edge technology continues to grow and capture the attention of the masses as more applications of NFTs are identified with time. This research aims to present a comprehensive overview of NFT and its underlying core technologies, namely blockchain and Ethereum. Further, numerous platforms for buying and selling NFTs are presented along with the applications of NFTs across various sectors including education, fashion, sports, and digital art. Moreover, the paper highlights the key challenges in adaptation of NFT technology from the perspective of security, privacy, environmental impact, ownership, governance, and property rights.
Hafiz Humza Saeed, Abdullah Bin Masood, Hassaan Khaliq Qureshi
Smart cities utilize digital technologies for the improvement of its services’ quality and performance by reducing resources’ cost and consumption, with a commitment of action and efficiency to its citizens. The increased urban migration has led to many problems in cities, such as traffic congestion, waste management, noise pollution, energy consumption, air pollution, etc., as nowadays COVID-19 pandemic has seized the whole world. So, it is necessary to carry out its standard operating procedures (SOPs), including less human interaction. Thus, technology plays a vital role via Internet-of-Things (IoT) based systems. In this paper, a lightweight security mechanism (LSM) is proposed to enrich the IoT based systems. Blockchain technology is integrated, and its completely decentralized peer-to-peer (P2P) technology enables the users’ authentication and authorizes legitimate procedures. The IoT based management system is developed to monitor some of the aforementioned problems and solve solid waste, air, and noise monitoring systems. The Ethereum blockchain is used to implement a smart contract based framework for the system’s security and access control. The evaluation of performance of the LSM demonstrates that it is an efficient and lightweight tool in terms of cost, resources, and computation and superior over related security studies.
The article is devoted to the study of theoretical and practical aspects of the risks that accompany the activities of economic actors in the cryptocurrency market (both mining and trading) at the micro and macroeconomic level at the beginning of the third decade of the XXI century. The risks associated with the functioning of economic entities in the market of cryptocurrency coins and such risks are the following: lack of legal regulation on the cryptocurrency market and insurance of owners of assets stored on crypto wallets; use of malware in order to access assets rotating on the cryptocurrency market; hacking attacks on cryptocurrency wallets and exchanges in order to steal cryptoassets; loss of assets deposited into accounts of cryptocurrency exchanges in case of bank-ruptcy or closure of these exchanges; loss of the password used to access the crypto wallet; loss of a secret personal PIN code, which is the key to access funds deposited into the crypto wallet at the exchange and used to transfer assets (cryptocurrencies or fiat currencies) to other crypto wallets or a bank card; erroneous transaction due to one number or letter mistake when transferring from one crypto wallet to another or error (when entering bank card number), when transferring funds from crypto wallet to bank card, a mistake of one or more numbers is possible and funds will be transferred to the wrong addressee, in both cases it is impos-sible to cancel the transaction and funds are lost irrevocably; significant volatility in the value of cryptocurrencies, because of which an investor can go bankrupt. It was revealed that the functioning of the cryptocurrency market is also associated with risks to the national economy and security: monetary policy (reduction of control over monetary circulation due to the replacement of national fiat currency with cryptocurrency coins and the loss of the central bank monopoly on the emission of money and reducing the country's income from seigniorage due to mining cryptocurrencies), financial stability (because of the threat of the outflow of deposits from the banking system and replacing them with investments in cryptocurrencies, the possibility of replacing traditional banking, as well as the possibility of avoiding taxation and shadowing the economy) and national security. It has been proven that the intensive activity of an economic entity associated with mining, trading, investing or other economic activities in the cryptocurrency market requires significant theoretical and practical training of the individual and patience and faith in the future of cryptocurrency market activity because of the probability of losing savings invested in cryptocurrencies or investments.Keywords: risk, cryptocurrency, cryptocurrency market, crypto coin, crypto wallet, Bitcoin, Ethereum, cyberattack. Статтю присвячено дослідженню ризиків, які супроводжують діяльність ринку криптовалют, як майнінгу, так і трейдингу. Охарактеризовано ризики, з якими пов’язане функціонування ринку криптовалют, і такими ризиками є: відсутність правового регулювання та страхування власників криптогаманців; використання шкідливих програм та здійснення хакерських атак на криптогаманці і біржі криптовалют; утрата активів, розміщених на рахунках криптовалютних бірж, у разі банкрутства чи закриття цих бірж; утрата паролю від криптогаманця чи втрата секретного персонального PINкоду, що є ключем доступу до коштів, розміщених на криптогаманці на біржі; помилкова транзакція (через помилку на одну цифру чи букву) під час переказу з одного криптогаманця до іншого (також під час переказу грошових коштів із криптогаманця на банківську картку можлива помилка на одну чи кілька цифр, і кошти будуть переказані не тому адресанту, якому вони передбачалися); значна волатильність вартості криптовалют. Виявлено, що функціонування ринку криптовалют пов’язане з ризиками для національної економіки: монетарної політики, фі-нансової стабільності, інвестиційної та банківської діяльності. Доведено, що активна діяльність економічного суб’єкта, пов’язана з майнінгом, торгівлею, інвестуванням чи іншою економічною діяльністю на ринку криптовалют, вимагає значної теоретичної і практичної підготовки особи через імовірність утратити заощадження, вкладені у криптоферми чи інвестиції.Ключові слова: ризик, криптовалюта, крипторинок, криптомонета, криптогаманець, Bitcoin, Ethereum, хакерська атака.
Cryptocurrencies often tend to maintain a publically accessible ledger of all transactions. This open nature of the transactional ledger allows us to gain macroeconomic insight into the USD 1 Trillion crypto economy. In this paper, we explore the free market-based economy of eight major cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, Dash, Litecoin, ZCash, Dogecoin, and Ethereum Classic. We specifically focus on the aspect of wealth distribution within these cryptocurrencies as understanding wealth concentration allows us to highlight potential information security implications associated with wealth concentration. We also draw a parallel between the crypto economies and real-world economies. To adequately address these two points, we devise a generic econometric analysis schema for cryptocurrencies. Through this schema, we report on two primary econometric measures: Gini value and Nakamoto Index which report on wealth inequality and 51% wealth concentration respectively. Our analysis reports that, despite the heavy emphasis on decentralization in cryptocurrencies, the wealth distribution remains in-line with the real-world economies, with the exception of Dash. We also report that 3 of the observed cryptocurrencies (Dogecoin, ZCash, and Ethereum Classic) violate the honest majority assumption with less than 100 participants controlling over 51% wealth in the ecosystem, potentially indicating a security threat. This suggests that the free-market fundamentalism doctrine may be inadequate in countering wealth inequality within a crypto-economic context: Algorithmically driven free-market implementation of these cryptocurrencies may eventually lead to wealth inequality similar to those observed in real-world economies.
Jiale Sheng, Peiyun Zhang, Junliang Shu, Songjian Cai
The big data industry has developed rapidly. It is of great significance for the healthy development of the big data industry to connect data supply-demand and promote data circulation through data trading. However, the existing third-party data trading platforms have the ability to view and steal transaction data and true identity. It has become a potential threat to both parties and an obstacle to data trading. Based on the research of blockchain technology, smart contract, and cryptography technology, this paper proposes a data trading model based on a blockchain for the security of data trading. The model uses the Interstellar File System (IPFS) and zero-knowledge proof to solve the security of data. Firstly, IPFS and cryptography are used to store and access data files safely. Secondly, based on secure storage and access, a data trading request is broadcast to a blockchain network. And the blockchain responds to the transaction request. Then, to obtain the original data file, the ciphertext got from the blockchain is decrypted based on the response message. Finally, the zero-knowledge proof system in the model is used to pay transaction fees to both parties. This process protects the security of payments. Through this model, both parties can complete the data trading. It also protects the security of data. In this paper, the proposed scheme is implemented on the Ethereum platform. The experimental results show that the proposed data trading model performs well in the security of data trading.
As a common cryptocurrency platform, Ethereum involves massive accounts and numerous real-time transactions. Moreover, as the involved accounts increase drastically, it is impossible to have transactions among all accounts at one time slot, which results in a high-dimensional and incomplete (HDI) dynamic transaction network. In spite of its HDI nature, such HDI dynamic transaction network contains much useful knowledge regarding involved accounts' behavior patterns like potential transaction links. To extract such knowledge from an HDI dynamic transaction network, this paper proposes a Non-negative Adaptive Latent Factorization of Tensors (NAL) model with two interesting ideas: a) adopting an HDI tensor to describe an HDI dynamic transaction network and building a non-negative learning objective based on the principle of data density-oriented, and b) implementing model hyper-parameter self-adaptive via using a particle swarm optimization (PSO) algorithm in the training process. Empirical studies on three real Ethereum transaction networks show that compared with state-of-the-art methods, the proposed NAL model achieves superior performance in terms of accuracy and computational efficiency in predicting potential transaction links.
Centralized marketplaces run on a process where a single authority has control over all activity. They suffer from limitation such as- mandatory fees to be paid to the platform for listing and selling items, lack of privacy and control over account, improper transaction security and so on. This paper presents a decentralized application aiming to reduce these drawbacks using Ethereum blockchain. It was implemented using truffle evolvement framework with solidity language. Ethereum smart contracts contain all functions of this application. Client-side application was created through an API called web3.js. Analytical analyses of this application using Kovan test network show least transactional fees reported in literature till date. The application was shown to have average transaction fee of 0.1524472 (eth) with average run time of 3.5 seconds and average gas consumption of 4.6 gwei, these are the best results obtained till date for such system ensuring cost effectiveness and reducing time complexity. The contract making time was less than a second. Comparison with well-known centralized online marketplaces revealed that proposed system was more economical than current centralized online applications in terms of profit margin.