Computer Science
2 years ago

Blockchain Smart Contract Revolutionizes Trust in Online Auctions

International Journal of Engineering and Advanced Technology
Blockchain Based Smart Contract for Sealed- -Bid Auction
Mr B L V Vinay Kumar, Dr K Raja Kumar

Paper Summary

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The article discusses using blockchain technology to create a smart contract for sealed-bid auctions. This helps prevent third parties from breaching trust in online auctions. The smart contract manages bids and ensures that only the highest bidder wins. Bidders can withdraw their bids before the auction ends and place new ones. The system maintains the secrecy of bids until the auction is over, preserving the integrity of the sealed-bid process.