Blockchain based smart contract for bidding system

Yi Hui Chen, Shih Hsin Chen*, Iuon Chang Lin

*Corresponding author for this work

Research output: Chapter in Book/Report/Conference proceedingConference contributionpeer-review

89 Scopus citations

Abstract

Because of the popularity of the Internet, the integration services have gradually changed people daily life, such as e-commerce activities on transactions, transportation and so on. The E-auction, one of the popular e-commerce activities, allows bidders to directly bid the products over the Internet. As for sealed bid, the extra transaction cost is required for the intermediaries because the third-party is the important role between the buyers and the sellers help to trade both during the auction. In addition, it never guarantees whether the third-party is trust. To resolve the problems, the blockchain technology with low transaction cost is used to develop the smart contract of public bid and sealed bid. The smart contract, proposed in 1990 and implements via Ethereum platform, can ensure the bill secure, private, non-reputability and inalterability owing to all the transactions are recorded in the same but decentralized ledgers. The smart contract is composed of the address of Auctioneer, the start auction time, deadline, the address of current winner, the current highest price. In the experiments, the accounts are created through Ethereum wallet. In miner stage, the MinerGate is used in miner stage for obtaining money to pay the transaction fee. At recorder stage, the nodes of blockchain are synchronized to generate smart contract.

Original languageEnglish
Title of host publicationProceedings of 4th IEEE International Conference on Applied System Innovation 2018, ICASI 2018
EditorsArtde Donald Kin-Tak Lam, Stephen D. Prior, Teen-Hang Meen
PublisherInstitute of Electrical and Electronics Engineers Inc.
Pages208-211
Number of pages4
ISBN (Electronic)9781538643426
DOIs
StatePublished - 22 06 2018
Externally publishedYes
Event4th IEEE International Conference on Applied System Innovation, ICASI 2018 - Chiba, Japan
Duration: 13 04 201817 04 2018

Publication series

NameProceedings of 4th IEEE International Conference on Applied System Innovation 2018, ICASI 2018

Conference

Conference4th IEEE International Conference on Applied System Innovation, ICASI 2018
Country/TerritoryJapan
CityChiba
Period13/04/1817/04/18

Bibliographical note

Publisher Copyright:
© 2018 IEEE.

Keywords

  • Blockchain
  • E-auction
  • Public Bid
  • Sealed Bid
  • Smart Contract

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