Client is one of the key auctioneers of a reputed Auction House in UK
Client wanted to have an online auction system in blockchain that can easily address challenging unethical issues in online auctions. The blockchain based online auction system / online bidding system should also facilitate a highly secured process for sellers and buyers to participate in the online bidding process. Engaged stakeholders should be able to transact safely through a distributed online environment. Bidding system should also offer some unique features compared to various online auction systems available in the market.
Though online auction systems have eliminated the physical boundaries of traditional auction systems, it has made it easier to commit fraudulent activities. For example, people place fake bids with unfair bidding amounts to increase the final price of the product under auction, to benefit the seller. Or some buyers use a fake account to discourage other online bidders / competitors from bidding by virtually increasing the price and withdrawing the bid at the very last moment. This helps the actual buyer to win the auction with a lower price. Client felt that there is a serious need to control such frauds in online auction systems, so they hired our ethereum developers to help them build a robust and secure online auction system using ethereum blockchain based smart contracts.
Backend: NodeJS & Java
Blockchain: Ethereum, Web3.JS, Truffle Framework, DApp, Solidity
Hosting Platform: AWS Cloud