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Blockchain for Security of Cloud-Based Online Auction
Abstract
Online auction is one of the most successful internet business models. However, auction fraud has become the highest threat and hazard to the future of this business model. The blockchain provides a new perspective to resolve this problem. It can be used for current financial services, certificates, remittances, and online payments; meanwhile it also provides several crucial services such as smart contract, smart property, trust system, and security services. This chapter discusses how to apply blockchain to a cloud-based online auction and the principle of operation. The purpose is to fundamentally solve the problem of online fraud caused by information asymmetry of electronic transactions. To the best of the authors' knowledge, this is the first time that the blockchain has been applied to authentication of online auction. The preliminary contribution is for preventing auction fraud from the aspects of smart properties and smart contract.
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