SMART CONTRACT AND BLOCKCHAIN-BASED TRADING SYSTEM

Abstract

Because the Internet is so widely used, integration services such as e-commerce for shopping, transportation, and other activities have gradually changed people's lives. E-auctions are a well-known sort of e-commerce in which consumers can bid on items via the Internet. When sealed bids are used, middlemen must pay additional transaction fees since they assist buyers and sellers in conducting business at auctions. Furthermore, there is no guarantee that the third party can be trusted. To address the challenges, blockchain technology is used to create smart contracts with cheap processing costs for both open and private bids. Smart contracts, which were developed in the 1990s and are currently employed on the Ethereum platform, may preserve privacy, security, non-repudiability, and immutability by keeping everything on the same decentralized ledgers. The smart contract contains the address of the auctioneer, the start and end hours, the address of the current winner, and the highest price. An Ethereum wallet is required to create a free account. The mining Gate is used to collect funds for the mining stage's transaction fee. The blockchain nodes are brought into sync during the recording process, which results in smart contracts.