A Novel Decentralized-based Smart Contract for Merchandise Using Blockchain Technology

Abstract

Trading systems have grown in popularity since the advent of the internet and mobile phones. In a trading system, the seller will offer a product, and a number of potential purchasers will compete for it. The highest trader will win the product. This sort of trading system's participation of a third party, usually a company or group of businesses that will create and host the website or mobile application, is one of its main negatives. Because this organization will handle all aspects of commerce, buyers and sellers must have confidence in it. The corporate entity has the ability to regulate the trading process. In this work, a novel decentralized blockchain-based smart contract for merchandise is proposed to overcome this limitation. There is no need for a third party in this invention. All trade transactions will be handled by a smart contract. This strategy guarantees that the integrity of the trading process is entirely safeguarded because blockchains are renowned for their integrity.