Designing Smart-Contract Based Auctions

In this paper, we developed an online auction system based on Ethereum smart contracts. A smart contract is executable code that runs on top of the blockchain to facilitate, execute and enforce an agreement between untrusted parties without the involvement of a trusted third party. A decentralised auction guarantees greater transparency and avoids cheating auctioneers. Since in Ethereum computation is expensive as transactions are executed and verified by all the nodes on Ethereum network, we analysed our implementation in terms of cost and time efficiency, obtaining promising results.