Secured network platform for a peer-to -peer auctioning system

Abstract

Transactions have been taken place all around the world many years back and still it has been a major necessity to the people all over the world. In the past, the traditional economic system has played a major role in both monetary (cash is involved) and non-monetary (cash is not involved) transactions. But with the rapid growth of internet, people have used to fulfil most of their needs through internet. This situation can be seen more when in monetary transactions. With this impact, the traditional economic system no longer exists. It has moved into a new era which people do their regular transactions online in a much efficient and convenient way. This concept is known as E-commerce. E-commerce includes retail shopping, banking, stocks and bonds trading, auctions, airline booking, movie rentals or nearly anything which can imagine in the real world. But the Existing E-commerce model places the content and the transaction logic on a central website or a set of server farms. This has many drawbacks. Centralized indirectly implies that managing system from a single point. This leads to a single point of failure. On the other hand centralized means the local user settings can be overridden by the central governing body rules. That can cause inconvenience. The De-centralized architecture comes into play where it can overcome most of the issues which the centralized systems face. A peer-to-peer application uses a decentralized architecture and minimizes the risk of centralize failures and other drawbacks. A peer-to-peer auctioning system allows companies and buyers to meet directly. They can define their own set of rules to do the transaction. The main concept is distributing the transaction logic and content among the peers. But still there can be frauds and trust issues even if it is a peer-to-peer application. These can be categorized as security issues. If a peer-to-peer auctioning application can be implemented with addressing some common security issues facing in an auctioning system, it would be beneficiary for both buyers and sellers.