BLOCKCHAIN BASED SMART CONTRACT FOR BIDDING SYSTEM

Abstract: Due to the widespread use of the Internet, integration services have steadily transformed how people live their daily lives, including how they conduct business online, travel, and other things. One of the most well- liked forms of online commerce is the E-auction, which enables bidders to place direct bids on things. Regarding sealed bids, an additional transaction fee is necessary for the middlemen because they play a crucial role in facilitating trade between the buyers and sellers throughout the auction. Furthermore, it never guarantees the dependability of the third party. In order to resolve the concerns, we propose leveraging blockchain technology, which has low transaction costs, to develop smart contracts for open and sealed bids. The smart contract, first conceived in 1990 and implemented via the Ethereum system, may guarantee the bill is secure, private, unreliable, and unalterable because all transactions are recorded in the same but decentralized ledgers. The smart contract contains the following information: the address of the auctioneer, the start and end times of the auction, the deadline, the location of the current winner, and the most recent price.