Decentralized Energy Trading

Secure Chain

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The auction.sol contract is a decentralized auction system where bidders can register, place bids, and compete for an item, with the highest bidder declared as the winner and required to transfer funds to the auction manager.

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Description

The auction.sol contract is a Solidity-based smart contract designed to facilitate a decentralized and transparent auction process on the Ethereum blockchain. It allows an auction manager to set up an auction item with an initial bid value, while bidders can register and place bids on the item. The contract ensures that only registered bidders can participate, and each new bid must be higher than the current maximum bid. Once the auction concludes, the auction manager declares the highest bidder as the winner. The winner is then required to transfer the bid amount to the auction manager, ensuring a secure and trustless transaction. The contract enforces rules through modifiers, such as preventing the auction manager from bidding and ensuring only the winner can transfer funds. This system eliminates the need for intermediaries, providing a fair and efficient way to conduct auctions on the blockchain.

To use the uploaded code, cite the following:

K. R. W. Samuel, S. S. Joseph, R. A. Vas, N. Singh, and C. V. Mahamuni, “Scalable Blockchain Framework for Decentralized Energy Trading in Smart Grids Using Auction-Based Algorithms,” IEEE International Conference on Interdisciplinary Approaches in Technology and Management for Social Innovation (IATMSI-2025), IIITM Gwalior, India, 2025.

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