Looking forward for Blockchain based auction system. The actors are buyer and seller. Intermediary like the auctioneer has to be present. Sometimes auctioneer is not involved at all. Then the buyer has to conduct the auction for any procurement. The procurement auction is called Reverse auction. Typical use case is reserve price is set, minimum decrement is set and date and time is set for auction. Bidders/Sellers start bidding on the system. Every event has to be recorded on blockchain in an encrypted way.
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