Blockchain Technology (IX): Ethereum Private Auction Smart Contract Case

This is a private auction system. Running a private auction on a transparent platform may seem contradictory, but cryptography makes it possible.

During the auction, participants encrypt their bids and send them to the auction system. No one knows how much they bid except themselves. When the auction ends, participants send their bids in plain text to the auction system. The system encrypts the plain text and compares it with the ciphertext sent before. If they are consistent, it means that the bid is the same as before and the bid is valid.

In the traditional field, many businesses are prone to shady operations. Smart contracts prevent participants and staff from intervening in the system. The system also has no human behavior and is entirely self-executing code, making the business transparent and fair. This is disruptive to industrial change.

The code is as follows:

From this case, we can see that smart contracts can make business fair, transparent, and efficient, maximize the enthusiasm of participants, and bring tremendous changes to various industries in the future.