Blockchain-Based Distributed Marketplace.

Book chapter


Kabi, Oliver R. and Franqueira, Virginia N. L. 2019. Blockchain-Based Distributed Marketplace. in: Springer Nature.
AuthorsKabi, Oliver R. and Franqueira, Virginia N. L.
Abstract

Developments in Blockchain technology have enabled the creation of smart contracts; i.e., self-executing code that is stored and executed on the Blockchain. This has led to the creation of distributed, decentralised applications, along with frameworks for developing and deploying them easily. This paper describes a proof-of-concept system that implements a distributed online marketplace using the Ethereum framework, where buyers and sellers can engage in e-commerce transactions without the need of a large central entity coordinating the process. The performance of the system was measured in terms of cost of use through the concept of ‘gas usage’. It was determined that such costs are significantly less than that of Amazon and eBay for high volume users. The findings generally support the ability to use Ethereum to create a distributed on-chain market, however, there are still areas that require further research and development.

Developments in Blockchain technology have enabled the creation of smart contracts; i.e., self-executing code that is stored and executed on the Blockchain. This has led to the creation of distributed, decentralised applications, along with frameworks for developing and
deploying them easily. This paper describes a proof-of-concept system that implements a distributed online marketplace using the Ethereum framework, where buyers and sellers can engage in e-commerce transactions without the need of a large central entity coordinating the process. The performance of the system was measured in terms of cost of use through the concept of ‘gas usage’. It was determined that such costs are significantly less than that of Amazon and eBay for high volume users. The findings generally support the ability to use Ethereum to create a distributed on-chain market, however, there are still areas that require
further research and development.

KeywordsBlockchain; Smart contract; Ethereum; E-commerce; Distributed systems
Year2019
PublisherSpringer Nature
SeriesLNBIP 339
ISBN978-3-030-04848-8
Digital Object Identifier (DOI)https://doi.org/10.1007/978-3-030-04849-5_17
Web address (URL)http://hdl.handle.net/10545/623264
hdl:10545/623264
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Publication dates03 Jan 2019
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Deposited08 Jan 2019, 17:00
ContributorsUniversity of Derby
JournalProceedings of the BIS 2018 International Workshops
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