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Property Auction Registration And Bidder Qualifications: Meeting Auction Requirements
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By Khaled Almiani Khaled Almiani Scilit Preprints.org Google Scholar 1, 2, * , Mutaz Abu Alrub Mutaz Abu Alrub Scilit Preprints.org Google Scholar 3 , Young Choon Lee Young Choon Lee Scilit Preprints.org Google Scholar 4 , Taha H. Rashidi Taha H. Rashidi Scilit Preprints.org Google Scholar 5 and Amirmohammad Pasdar Amirmohammad Pasdar Scilit Preprints.org Google Scholar 4
How To Navigate Vintage & Luxury Watch Auctions In The Uk
Faculty of Computer Science, Higher Colleges of Technology, Fujairah Women’s Campus, Fujairah P.O. Box 1626, United Arab Emirates
Received: June 16, 2023 / Revised: July 12, 2023 / Accepted: July 14, 2023 / Published: July 16, 2023
As a critical factor in ensuring the growth of the electronic auction (e-auction) field, the confidentiality and security of the participants (seller and buyer) must always be guaranteed. Traditionally, auction data, including bidder details, is stored in a third party (auctioneer) database. This leads to a high risk of a single point of failure for privacy and security. To this end, blockchain technology has emerged as a promising decentralized communication paradigm to address such risks. This paper presents a blockchain-based auction framework as a decentralized e-auction framework for location-aware services. In particular, the framework consists of three components: pre-auction, main auction and post-auction processes with four algorithms. Our main focus is on location-aware services such as storage space rental, apartment rental, transportation rental and parking space rental. Trade volume is expected to be high; therefore, simplifying the design is an important requirement. In addition to the benefits of removing the centralized entity (the auctioneer), fees are also distributed to participants as rewards. In addition, we include a service quality monitoring method that ranks the services provided by participants. This ranking allows participants to determine the ranking of other participants that they wish to sell. We have conducted several experiments to assess the cost feasibility of the proposed framework and to ensure the ease of business flow.
Post Auction Process
Blockchain is a distributed ledger technology (DLT) , where many nodes in the network have identical copies of business transactions. The decentralized nature of the blockchain eliminates the need for a centralized authority, where smart contracts promote process automation capabilities . A smart contract is a program (code) that is executed based on a predetermined set of events, and those events belong to the execution of the smart contract. This disruptive technology has become a promising platform to expand the horizon in the field of decentralized applications  including but not limited to e-commerce fields such as business auctions.
Electronic auctions (e-auctions) have become an important application in everyday trade where buyers and sellers (bidders) do not need to be physically present at the auction site. In addition, the entire auction process relies on auction agencies (auctioneers) to facilitate, monitor and conduct the auction. These agencies usually charge administrative fees to conduct the auction and play an important role in this business; however, it increases the risk of privacy issues . This is rooted in the need to store business information in a centralized way and in the many databases belonging to these agencies. Therefore, this information sharing mechanism increases the vulnerability of stored data to manipulation, damage and loss.
In this direction, blockchain technology can address the privacy issues of e-auctions and improve the e-auction trading experience. This is due to the existence of blockchain-based auction systems that are used to facilitate the bidding of items worth millions of dollars . Therefore, such reliance on the blockchain eliminates the need for a central authority, which ensures the integrity of the e-auction business process. In addition, the transparency of the blockchain and its promising decentralized features encourage government entities to be involved as trading parties (sellers or buyers), since no single entity controls the entire process of the auction, which improves the trading experience.
Auction Terminology: A Glossary
Two bidding strategies in electronic auctions are open auctions and sealed auctions . Initially, when a bidder makes a bid, other bidders are notified of the new bid price, and bidders can bid multiple times as the auction continues. Finally, a bidder does not know the price submitted by other bidders, each bidder can only place one bid, and the auctioneer announces the winning bid at the end. Compared to open auctions, the sealed bidding strategy further supports the anonymity of the bidders because any information about the auction is not accessible to the bidders. Additionally, the sealed auction structure encourages bidders to submit the best price they can offer, as each bidder can only submit one bid price. These features underline the benefits of using a sealed-bid auction strategy by further supporting bidder confidentiality and reducing the number of auction-related transactions.
The roles of participants in electronic auctions can be classified into forward and reverse auctions . In forward auctions, sellers offer items for sale and buyers compete through higher bids with the goal of finding the highest possible price. In a reverse auction, the buyer announces the details of the requested service or goods, and the sellers compete by offering the lowest possible price for the requested service or goods, aiming to keep costs down. .
In addition, the bidding strategy can be classified into absolute, reservation and combination strategies [6, 7, 8]. Using the absolute strategy, the bidder with the highest bid is the winner of the auction, and each bidder is allowed to submit only one bid. Using the reservation strategy, the seller can cancel the auction if the bids do not reach a predetermined price threshold. In the combination strategy, a mix of absolute and reservation strategies can be established, where the highest bidder wins the auction if its bid reaches a predetermined price threshold. In this paper, we use a combined strategy to utilize the benefits of both the absolute strategy and the reservation strategies.
Emirates Auction App Development Cost
This paper proposes a blockchain-based sealed auction reverse auction framework as a decentralized auction framework that consists of pre-auction, main auction and post-auction processes. This location-aware framework uses these components powered by lightweight algorithmic solutions to ensure ease of business flow. The nature of the sealed auction reduces the pressure on the security-related mechanism, which further supports the use of blockchain technology. In addition, the limited number of bids in such an auction strategy helps to reduce the cost of running the auction on a public blockchain. With minor modifications, the proposed framework can address open bidding scenarios.
The proposed framework mainly addresses four types of rental services: (1) storage space rental, (2) apartment rental, (3) transportation rental, and (4) parking space rental. Each party that bids (seller or buyer) in this framework is associated with a service index (SI) that represents the quality of the service it provides. The SI is calculated cumulatively, taking into account the fulfillment of the tender requirements. In addition, the proposed framework uses a fee distribution strategy among participating sellers to encourage sellers to place the best possible bids. This distribution is based on the blockchain cryptocurrency that facilitates the processing of financial transactions in a decentralized manner. In case of disputes, the framework provides a decentralized infringement litigation component to resolve any disputes between bidders and sellers during the contract period. This component uses the information collected during the auction to determine if a Quality of Service (QoS) violation has occurred and punish the violating party.
The results of the analysis show that each bidder is expected to pay, on average, $5.5 to participate in the auction. Experiments show that the reward mechanism encourages bidders to submit their best bids. This behavior is established because the rewards to bidders, who submit bids close to the winning bid, are expected to be large. In addition, the effectiveness of the proposed IS is analyzed to highlight its potential to improve overall performance.
Non Performing Loan (npl) Offerings
The remainder of the paper is organized as follows. Section 2 provides some background, followed by our review and discussion of related work. Section 3 details the proposed blockchain-based auction framework. Section 4 provides a detailed discussion of the proposed framework. Section 5 presents the experimental results and we conclude the paper in Section 6.
This section discusses the most relevant studies that
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