Research on Blockchain-Based E-Bidding System

Wang, Dan; Zhao, Jindong; Mu, Chunxiao

doi:10.3390/app11094011

Cited by 20 publications

(6 citation statements)

References 24 publications

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“…These systems, in conjunction with smart contracts, pave the way for immutable and auditable decentralized auction systems [36]. A smart contract is a blockchain-based program (code) consisting of functions that are triggered by events and have predefined responses to these events.…”

Section: A Primer On Blockchainsmentioning

confidence: 99%

Digitalized and Decentralized Open-Cry Auctioning: Key Properties, Solution Design, and Implementation

Chiquito,

Bodin,

Schelén

et al. 2024

IEEE Access

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Open-cry electronic auctions have revolutionized the landscape of high-value transactions for buying and selling goods. Online platforms such as eBay and Tradera have popularized these auctions due to their global accessibility and convenience. However, these centralized auctioning platforms rely on trust in a central entity to manage and control the processing of bids, e.g., the submission time and validity. The use of blockchain technologies for constructing decentralized systems has gained popularity for their versatility and useful properties toward decentralization. However, blockchain-based open-cry auctions, are sensitive to the order of transactions and deadlines which, in the absence of a governing party, need to be provided in the system design. In this paper, we identify the key properties for the development of decentralized open-cry auctioning systems, including verifiability, transaction immutability, ordering, and time synchronization. Three prominent blockchain platforms, namely, Ethereum, Hyperledger Fabric, and R3 Corda were analyzed in terms of their capabilities to ensure these properties for gap identification. We propose a solution design that addresses these key properties and presents a proof-of-concept (PoC) implementation of such design. Our PoC uses Hyperledger Fabric and mitigates the identified gaps related to the time synchronization of this system by utilizing an external component. During the chaincode execution, the creation and submission of bids initiate requests to the time service API. This API service retrieves trusted timestamps from NTP services to obtain accurate bid times. We then analyzed the system design and implementation in the context of the identified key properties. Lastly, we conducted a performance evaluation of the time service and the PoC system implementation in timesensitive scenarios and assessed its overall performance.

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Section: A Primer On Blockchainsmentioning

confidence: 99%

Digitalized and Decentralized Open-Cry Auctioning: Key Properties, Solution Design, and Implementation

Chiquito,

Bodin,

Schelén

et al. 2024

IEEE Access

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Section: Literature Reviewmentioning

confidence: 99%

“…In papers [6], [7], [8] and [9] explore the application of blockchain technology in different domains. Paper [6] focuses on a blockchain-based bidding mechanism for online auctions, highlighting its potential in improving transparency and security. Paper [7] examines the synergy between blockchain and the Internet of Things (IoT), exploring how blockchain can enhance the trust and security of IoT systems.…”

Section: Literature Reviewmentioning

confidence: 99%

Enhancing Auction Systems with Blockchain Technology

Shelke,

Mirajkar,

Dedgaonkar

et al. 2023

IJRITCC

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This research paper examines the use of blockchain technology in auction systems. Traditional auction systems face issues related to trust, transparency, and security. Blockchain offers a decentralized and immutable solution that can enhance the efficiency, security, and transparency of auctions. The paper provides an overview of blockchain technology and identifies the challenges in traditional auctions that blockchain can address. It explores existing blockchain-based auction systems and evaluates their effectiveness in mitigating issues such as bid manipulation and fraud. The impact of blockchain on auction participants is also discussed, including benefits like increased trust and reduced transaction costs, as well as challenges related to adoption and scalability. The paper considers both theoretical and practical aspects, analyzing case studies and implementation challenges. It concludes by summarizing the key findings and suggesting future research directions to advance the application of blockchain in auction systems. The auction contract allows users to place bids and determine the highest bidder within a specified time period. The contract also provides functionality for canceling the auction and finalizing it by transferring the funds to the appropriate recipients.

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“…The results showed that the sealed bid indicates constant and predictable behavior due to the simplicity of its architecture. Wang et al [18] proposed an e-auction system built on top of a permissioned blockchain (Hyperledger Fabric [19]). The use of a permissioned blockchain supported the system by reducing the probability of running into the risk of having distributed denial of service (DDoS).…”

Section: Background and Related Workmentioning

confidence: 99%

A Blockchain-Based Auction Framework for Location-Aware Services

Almiani,

Alrub,

Lee

et al. 2023

Algorithms

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As a critical factor in ensuring the growth of the electronic auction (e-auction) domain, the privacy and security of the participants (sellers and buyers) must always be guaranteed. Traditionally, auction data, including participant details, are stored in a third party (auctioneer) database. This leads to a high risk of a single point of failure in terms of privacy and security. Toward this end, blockchain technology has emerged as a promising decentralized communication paradigm to address such risks. This paper presents a blockchain-based auction framework as a decentralized e-auctioning framework for location-aware services. In particular, the framework consists of three components: pre-auctioning, main auctioning, and post-auctioning processes with four algorithms. Our primary focus is on location-aware services, such as storage space rental, apartment rental, transport hire, and parking space rental. The trading volumes are expected to be high; hence, simplifying the design is a crucial requirement. In addition to the benefits of eliminating the centralized entity (the auctioneer), fees are redistributed among participants as rewards. Further, we incorporate a service quality monitoring method that ranks the services provided by participants. This ranking allows participants to determine the rank of other participants with whom they wish to trade. We have conducted several experiments to evaluate the proposed framework’s cost feasibility and to ensure the ease of the business flow.

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Research on Blockchain-Based E-Bidding System

Cited by 20 publications

References 24 publications

Digitalized and Decentralized Open-Cry Auctioning: Key Properties, Solution Design, and Implementation

Digitalized and Decentralized Open-Cry Auctioning: Key Properties, Solution Design, and Implementation

Enhancing Auction Systems with Blockchain Technology

A Blockchain-Based Auction Framework for Location-Aware Services

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