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Smart contracts can be used in industries related to finance, insurance, trading, auctions, public documentation, and services, etc, as shown in Figure 5.
This paper formal modeling an auction system based on smart contracts related to trading.
Of the many auction systems I have modeled open descending auctions and these auctions are used by Google and IPOs, etc.
Public descending auctions are also referred to as Netherlands auctions, and this auction system is an auction method in which the seller's offer price decreases over time, unlike traditional auction systems.
The seller can set the lowest proposed price before the auction begins, and the price of the item cannot be lower than the lowest proposed price when the auction is in progress.
The buyer can bid on the item if he believes it is the right price to buy the item, and if the bid is the first bid, the transaction is closed and the auction ends. |
IEEE/ICACT20210216 Slide.09
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