Blockchain based auction in a food E-Commerce platform. Part-I
Cutting food waste is a delicious way of saving money.
Introduction
Selling products beyond their expiry dates is illegal and punishable by law. Therefore, once the food hits its sell-by date, many markets donate products to food banks or sell them to salvage stores. Otherwise, it could cause waste which is considered a big problem in warehouses. The solution for this problem is implementing an auction system which frequently check the Inventory Control department when products in the warehouse is nearing its expiration date and conduct an auction to sell the products before the expiration. Expiration Warning Report, is one of the inventory reports that notifies the Inventory Control department when products in the warehouse is nearing its expiration date. If products are about to expire and the expiration date is within the number of days specified by the platform, system lists the item on this report. This project using the information from this report and implementing a decentralised automated auction system using blockchain for a shop and allow customers to bid for the products through a smart-contract.
Auction in a food shop
Why we need an auction in a food shop?
· Selling products beyond their expiry dates is illegal and punishable by law.
· Once food hits its sell-by date, many markets donate products to food banks or sell them to salvage stores.
· The best way to sell products close to expiry is by : Auction — Where customers can buy products by placing bids.
What are the benefits in Blockchain based auction?
· Blockchain-based auctions can effectively remove the intermediaries.
· Smart-contracts are automated and enforce agreements through the execution of tamper-proof codes.
· Bidders able to monitor the auction process and submit multiple bids within a specified duration.
· The smart-contracts ensure that sensitive information is validated and protected ensuring data security.
Architecture Documentation
Solution Overview using AWS
