Authors: Yogeesh G Gowda, Vishwas G V, Santosh Patil, Pawan P R, Kumaraswamy S
Abstract: The integration of blockchain technology and smart contracts represents a transformative advancement in auction systems, offering efficient, transparent, and secure decentralized platforms. This project leverages these technologies to facilitate a range of auction functionalities, from placing bids and managing the auction lifecycle to ensuring fair outcomes without reliance on intermediaries. By offering enhanced transparency and immutability of records, decentralized auctions built on blockchain have the potential to reduce administrative burdens, improve trust among participants, and ensure continuity of the auction process. However, challenges such as scalability, gas costs, and regulatory considerations necessitate robust design and compliance mechanisms. This paper explores the capabilities, benefits, and limitations of this decentralized auction system, emphasizing its potential to revolutionize auction processes while addressing critical gaps in traditional centralized models.
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