E-Auction System of Agricultural Products Using Blockchain Technology

Products generated by agricultural industries are bought and sold in the Agricultural Auction System. An online auction is a procedure where buyers and sellers may interact on a single platform and place bids within a certain time limit. Currently, Blockchain is quite popular technology due to its decentralized nature. Applications of Blockchain are widely used in industries ranging from Agriculture to Medical. Blockchain can be used to make the food supply chain transparent. By eliminating third party intervention, the decentralized Blockchain based electronic auction system improves the auction process while enhancing security and efficiency. Building trust between vendors, buyers, and auctioneers is challenging in centralized auctions, where websites or platforms collect bids and determine auction results. These systems demonstrate a lack of transparency and anonymity, making them unreliable. In order to perform the transactions between the seller and the buyers safely and securely and without the involvement of unreliable third parties, a broad architecture for decentralized auctions that is utilized to track and trace bids is required. In this paper, we provide an extensive review of Blockchain based auction systems and a framework is designed for privacy preserving auction system using solidity based smart contracts implemented on Ethereum test network. This method, known as "Agro auction system using Blockchain," improves the supply, trading, and security of agricultural products. This effort creates the groundwork for future studies to develop all encompassing, end-to-end agricultural auction solution.