A Blockchain-Based Framework for Secure Public and Sealed-Bid Auctions with AES Encryption
Journal Title: International Journal of Innovations in Science and Technology - Year 2024, Vol 6, Issue 4
Abstract
Eauctions are a widely adopted form of e-commerce, enabling direct bidding over the Internet. Traditionally, intermediaries play a crucial role in facilitating the auction process, leading to increased transaction costs and potential reliability issues. This paper proposes a blockchain-based solution to enhance transparency, reduce costs, and improve the security of both public and sealed-bid e-auctions. The proposed framework leverages smart contracts to automate key auction parameters such as the auctioneer’s address, start and end times, current winner’s address, and the highest bid, ensuring secure and transparent transactions. Advanced Encryption Standard (AES) is incorporated to encrypt sensitive auction data, offering robust protection against unauthorized access. The evaluation of this blockchainbased e-auction framework demonstrates significant improvements over traditional systems, including enhanced security (zero security incidents versus 15 per year in traditional systems), increased transparency (100% transaction visibility), and substantial cost reduction (70% reduction in operational costs). Additionally, the system’s scalability, efficiency, and reliability are validated, with performance improvements such as a 1400% increase in transaction throughput and a 75% reduction in auction duration. This research highlights the transformative potential of blockchain technology in modernizing e-auctions, offering a more secure, efficient, and cost-effective alternative to traditional auction platforms.
Authors and Affiliations
Muhammad Burhan, Ghulam Mustafa, Muhammad Rizwan Rashid Rana, Rana Saud Shoukat, Ghulam Abbas
Keywords
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