Abstract:

Abstract. With the advancements in digital technology there is a tremendous growth in the applications supported by it, involving benefits for industries that aim at profit making. Online item bidding has become a popular method for buying and selling goods in the digital age. Online item bidding traces its roots back to the early days of the internet when platforms like eBay revolutionized the way people buy and sell goods. Over the years, online item bidding has evolved to include various platforms and technologies, making it a convenient and accessible way for individuals and businesses to engage in commerce. An E-Auction System is one of the numerous electronic communication applications that is now receiving a lot of positive backing from users. An efficient E-Commerce system that enables online communication between a party offering to buy an asset and a party willing to sell, through an E-Auction System, now becomes vitally important. Overcoming the deficits of traditional auctions, such as physical location, timing and travel, a finite number of participants, etc. a support is now expressed to have an online format. Blockchain and smart contracts can now be used as a ground breaking technology in an auction system that catches the interest of numerous sectors. The security of payment gateways is made strong. The presented model is built with an objective to enable a user to configure an auction or participate in an auction from any geographical location. The results achieved by using Blockchain technology in this model are relevant and satisfying to a user.

Description:

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