Enhancing Auction Systems with Blockchain Technology
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Abstract
This research paper examines the use of blockchain technology in auction systems. Traditional auction systems face issues related to trust, transparency, and security. Blockchain offers a decentralized and immutable solution that can enhance the efficiency, security, and transparency of auctions. The paper provides an overview of blockchain technology and identifies the challenges in traditional auctions that blockchain can address. It explores existing blockchain-based auction systems and evaluates their effectiveness in mitigating issues such as bid manipulation and fraud. The impact of blockchain on auction participants is also discussed, including benefits like increased trust and reduced transaction costs, as well as challenges related to adoption and scalability. The paper considers both theoretical and practical aspects, analyzing case studies and implementation challenges. It concludes by summarizing the key findings and suggesting future research directions to advance the application of blockchain in auction systems. The auction contract allows users to place bids and determine the highest bidder within a specified time period. The contract also provides functionality for canceling the auction and finalizing it by transferring the funds to the appropriate recipients.
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References
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