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The future of bidding: Blockchain as a trustless backbone for auctions

  • Unique Paper ID: 169468
  • Volume: 11
  • Issue: 6
  • PageNo: 1068-1072
  • Abstract:
  • Blockchain technology offers a secure, transparent, and decentralized framework that addresses key challenges in traditional auction systems, such as bid manipulation, fraud, and lack of trust. This research paper explores the application of blockchain-based online auction systems, focusing on Ethereum blockchain and Solidity smart contracts to create tamper-proof, automated, and trustless bidding processes. The proposed system enhances transparency, security, cost-efficiency, and accessibility while eliminating the need for intermediaries. Additionally, the paper discusses challenges like scalability, regulatory compliance, and user adoption. This auction system is highly reliable and scalable, capable of serving large groups of bidders. It provides a user-friendly platform for buyers and sellers to participate in secure auctions with value-added services, ensuring verified items and safe transactions. The platform is divided into developer and user interfaces to facilitate maintenance and future updates, making it efficient, flexible, and unique compared to conventional systems.
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  • ISSN: 2349-6002
  • Volume: 11
  • Issue: 6
  • PageNo: 1068-1072

The future of bidding: Blockchain as a trustless backbone for auctions

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