Problem statement
Traditional online marketplaces often rely on centralized entities, leading to issues such as high transaction fees, lack of transparency, and susceptibility to censorship. The need for trust and transparency in e-commerce remains a challenge.
Abstract
The Blockchain-based Decentralized Marketplace project aims to address the limitations of centralized online marketplaces by leveraging blockchain technology. The system will provide a transparent, secure, and decentralized platform for buyers and sellers to engage in transactions without the need for intermediaries.
Outcome
The decentralized marketplace will enable peer-to-peer transactions, reducing transaction costs, preventing censorship, and ensuring transparency through a distributed ledger. Users will have greater control over their data and assets, fostering a more inclusive and efficient online trading environment. The project contributes to the evolution of e-commerce towards decentralized, trustless systems.
Reference
We developed a blockchain-based E-marketplace. A decentralized E-marketplace platform utilizing the blockchain technology is implemented. We use the self-enforcement of smart contracts to secure the deposit and process the payment. Each transaction is verified through the blockchain and is recorded to the decentralized ledger. This enables trustless transactions since the smart contract is self-executed. The smart contract is able to perform credible transactions without trusted third parties, and the transactions on the blockchain are trackable and irreversible. Therefore, both the buyer and the seller cannot breach the contract. All processes are recorded on the blockchain including the product launch, purchase, delivery, and payment. It is trackable and could be submitted to courts as electronic evidence to solve the transaction disputes.
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https://ieeexplore.ieee.org/document/8730733