Decentralized Marketplace using Blockchain,Cryptocurrency,and Swarm Technology
Abstract
Over 1.8 billion people purchased goods online in 2018, and as a result, 2.8 trillion dollars were spent. Companies like Amazon, eBay, and PayPal thrive on being the middleman between sellers and buyers of online goods. Our project uses Blockchain Technology to decentralize the online marketplace and remove the middleman as well as the fees associated with it. To do this, we use smart contracts in the Ethereum Blockchain while maintaining a decentralized database using Swarm for the Webhosting. Finally, in order to phase out current online market systems, the same technology can be used to have a shared inventory, or ledger, between many marketplaces allowing manufacturers, or sellers, to announce their product freely among multiple existing Web site marketplaces concurrently.