Decentralized blockchain based electronic marketplaces

Tallinn, Estonia, Dec. This marketplace allows its users access to multiple products including. Apart from offering a wide variety of products, this e-marketplace allows users to pay through multiple cryptocurrencies. This marketplace is really a one stop shop for all users. Metaplace has a vision to provide a fully decentralized marketplace.

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Try out PMC Labs and tell us what you think. Learn More. Overview of the articles with the article identifier, publication year, publisher, type of article, country and interest group. Blockchain technology has the potential to enable more secure, transparent, and equitable data management.

In the health care domain, it has been applied most frequently to electronic health records. In addition to securely managing data, blockchain has significant advantages in distributing data access, control, and ownership to end users.

Due to this attribute, among others, the use of blockchain to power personal health records PHRs is especially appealing. This review aims to examine the current landscape, design choices, limitations, and future directions of blockchain-based PHRs. Three reviewers independently performed a full-text review and data abstraction using a standardized data collection form. A total of 58 articles met the inclusion criteria. In the review, we found that the blockchain PHR space has matured over the past 5 years, from purely conceptual ideas initially to an increasing trend of publications describing prototypes and even implementations.

Although the eventual application of blockchain in PHRs is intended for the health care industry, the majority of the articles were found in engineering or computer science publications.

Among the blockchain PHRs described, permissioned blockchains and off-chain storage were the most common design choices. Although 18 articles described a tethered blockchain PHR, all of them were at the conceptual stage. This review revealed that although research interest in blockchain PHRs is increasing and that the space is maturing, this technology is still largely in the conceptual stage. Being the first systematic review on blockchain PHRs, this review should serve as a basis for future reviews to track the development of the space.

PHRs are unique in that patients themselves can access, manage, and share their health information [ 1 ]. The benefits of PHRs include patient empowerment, which leads to improved outcomes and reduced health care costs [ 2 , 3 ].

Although interest in PHRs has been increasing, their adoption remains low [ 4 , 5 ]. One of the oft-cited reasons is related to privacy and security concerns owing to an increasing trend of health information breaches [ 6 , 7 ]. Another reason is the lack of perceived usefulness to patients [ 7 ].

Blockchain technology was introduced through Bitcoin in [ 8 ]. It is considered a general-purpose technology and has since been successfully applied across several different industries [ 9 , 10 ]. In the health care industry, EHRs were found to be the most commonly used case for blockchain applications [ 11 - 14 ]. This could potentially address the privacy and security concerns surrounding EHRs [ 15 ]. Specifically for application to PHRs, blockchain also has the ability to decentralize control and incorporate incentive mechanisms through smart contracts, which can further entice its general use and increase adoption [ 16 ].

These advantages, among others, have motivated efforts to test the feasibility and implement blockchain PHRs [ 17 - 19 ]. The research space in which EHRs and blockchain intersect is still in its infancy, with the first blockchain EHR introduced in [ 20 ].

Systematic reviews covering this space so far have considered EHRs as a collective entity. Mayer et al [ 21 ] provided an overview of the ecosystem of blockchain EHRs while also proposing a taxonomy for the space. Shuaib et al [ 22 ] looked at the main areas of focus when implementing a blockchain EHR and the remaining issues to be addressed, whereas Vazirani et al [ 23 ] assessed the feasibility of blockchain as a method of managing health care records efficiently.

Given that one of the inherent properties of blockchain is its decentralized nature, in which data ownership is placed in the hands of individual users, some have proposed that blockchain may be more suitably applied to PHRs specifically rather than EHRs in general [ 19 , 24 - 26 ]. In this paper, we aim to systematically review the following: 1 the current landscape and trends of blockchain-based PHRs blockchain PHRs , 2 the attributes of various blockchain PHRs that have been described, and 3 the current limitations and future directions for blockchain PHRs.

To the best of our knowledge, this is the first systematic review examining blockchain with PHRs. We hope that this review will serve as a useful reference, especially for those intending to develop a blockchain PHR and for future reviews in this area. To provide more context for subsequent sections of this paper, we will first explain pertinent blockchain concepts and take the opportunity to introduce some terminology specific to blockchain.

This is by no means an exhaustive explanation of blockchain. A blockchain can be thought of as a shared or distributed database that is spread across multiple sites and participants. For new data to be added to a blockchain, they are first compiled into a block , which is simply a collection of records to be added to the database. The block is then combined with some data a hash key from the previous block through a cryptographic technique called hashing before it is added.

Illustration of how blocks of data are linked together in a blockchain through hashing. To add a new record eg, Record 7 to the blockchain, this is first grouped with other records Records 6, 8, and 9. The group of records is then combined with a hash key from the previous block hash key 2 and then put through a hashing algorithm to produce a new hash key hash key 3.

This process continues as new records are added. Before data can be added to a blockchain, its users need to agree or reach consensus. This is achieved through a consensus algorithm. A well-known consensus algorithm is the proof of work PoW algorithm. PoW is used in the Bitcoin and Ethereum blockchain network protocols [ 8 , 27 ].

In the PoW algorithm, users also known as miners compete in computational tasks to reach consensus. Blockchains can be classified into the following three types, depending on which participants are allowed in the consensus algorithm [ 28 ]:.

Public: anyone can participate in the consensus algorithm. Examples include Bitcoin and Ethereum [ 8 , 27 ]. Consortium: a select or permissioned group of entities can participate in the consensus algorithm. Private: only a single entity operates the consensus algorithm and controls the addition of new data.

Public blockchains are sometimes referred to as permissionless blockchains, whereas consortium and private blockchains are collectively termed permissioned blockchains. Decentralization: unlike traditional databases that are owned by a specific entity, a decentralized blockchain can allow every user to own the data collectively. Using the illustration in Figure 1 as an example, a decentralized blockchain would contain all the records, but only one user owns records 1, 3, 4, 6, and 8, and another user separately owns records 2, 5, 7, and 9.

Immutability: because of the underlying chain structure, once data have been added to the blockchain, they cannot be tampered with. Changing a record would alter the hash key and effectively cause a break in the chain. Transparency with privacy : the entire blockchain can be made publicly viewable while preserving privacy by masking each individual record using cryptography. Table 1 provides a summary of the different types of blockchains and their properties, with an example of each type in the health care setting.

Finally, we will briefly explain the two concepts of scalability and smart contracts , which will be relevant to subsequent parts of this paper. Scalability refers to the capacity of a blockchain to store and process transactions. It generally relates to the size and frequency of transactions a blockchain can handle.

This translates to a rate of approximately 7 transactions per second. Various solutions have been proposed to improve scalability. One such solution is to store data off-chain instead of on-chain , and another solution is to use side-chains linked to the main chain to enable larger transaction volumes to be processed in parallel.

Given that health care data are estimated to reach as much as exabytes generated yearly by , it is crucial for almost all blockchain-based health care applications to achieve a certain level of scalability [ 32 ]. Smart contracts are programmable computer rules. Blockchain is a digital database that allows for the implementation of smart contracts, which can be automatically triggered to execute when predefined conditions are satisfied.

For example, a smart contract can be programmed to issue tokens on the blockchain each time a user records his or her blood pressure. These tokens can then be used to pay for health care services.

Such smart contracts can thus potentially be used to enable incentive structures to encourage certain positive user behaviors. In this systematic review, particularly focused on the blockchain component of blockchain PHRs, we will pay particular attention to the 1 type of blockchain, 2 scalability solutions, and 3 smart contract—based incentive structures. This type of literature review was selected because the goal was to identify articles on blockchain PHRs and to summarize the current landscape, design choices, limitations, and future directions.

Unlike a meta-analysis, this review did not require any data synthesis. Quality assessment was not performed because the intention was to achieve a collective understanding of the efforts and ideas rather than judging the quality of various blockchain PHRs.

The presented systematic review was carried out by defining the following activities:. For this review, there were 3 research questions we aimed to address:. What are the current landscape and trends of blockchain PHRs in terms of interest groups, geography, and maturity level? For databases whose search engines did not enable the use of wildcards, the search was widened to include abstracts and keywords, and Microsoft Excel was subsequently used to filter the returned list by applying the search string to the titles.

As the space is still in its infancy stage, Google Scholar was included as a search database to incorporate relevant gray literature in this review. This decision was supported by systematic reviews by Holbl et al [ 34 ] and Kuo et al [ 35 ] on blockchain in the health care domain, which had found valuable information residing in gray literature. Once the articles were obtained, we applied the following inclusion and exclusion criteria to select articles for the final review.

The inclusion criteria were as follows: a health record system that had 1 a patient-facing component and 2 used blockchain in its health record system. The exclusion criteria were as follows: 1 duplicate articles, 2 review articles, 3 articles that did not have full text available, and 4 articles whose full text was not in English.

The selection was performed in a stepwise manner. First, duplicate articles returned from multiple databases were excluded. Second, the titles of the articles were reviewed and those that were not relevant to the topic were discarded. Third, the abstracts of the articles were reviewed and those whose main focus was not on blockchains and EHR or PHR and those that were review articles were also discarded.

Those that looked at EHRs at this stage were retained because some EHRs would have a patient-facing component but might not have been explicitly mentioned in the title or abstract. At this stage, those that did not have full text available or whose full text was not in English were also excluded. For data abstraction, a standardized data collection form was developed using Microsoft Excel.

A full-text review of each selected study was performed independently by 3 reviewers who are knowledgeable about blockchain and health records. For discrepancies in the abstracted data, the reviewers performed a repeat review of the articles together to reach a consensus. For the interest groups, author affiliations, publishers, and publications were used as a proxy. As this space is situated at the intersection of computer science CS , engineering, and medicine, we classified the publications into either 1 CS or engineering, 2 medical, or 3 general.

A prototype was considered to have both a working front-end and back-end system, and a pilot or implementation had to be a product that was released for use in the real world. If an article described systems at multiple levels of maturity eg, a framework and a prototype , only the more mature level described was abstracted.

What is the Blockchain Marketplace and How to Start One

Try out PMC Labs and tell us what you think. Learn More. Overview of the articles with the article identifier, publication year, publisher, type of article, country and interest group. Blockchain technology has the potential to enable more secure, transparent, and equitable data management. In the health care domain, it has been applied most frequently to electronic health records.

Case #6 – blockchain-based electronic certificate of origin_________________________ 95 Table 7 - Examples of fully decentralised marketplaces.


Centralized marketplace platforms have the ability to provide a level of service and reliability that mainstream users have come to expect, but may also lack transparency, charge high fees, and impose rules that users may not agree with. That's where decentralized marketplaces come in. Below we explore what they are, how they work and give some examples of decentralized marketplaces in action. Decentralized marketplaces are what blockchains are all about. They allow people to interact and transact on a global, permission-less, and self-executing platform. Houses, hot sauce, and t-shirts can all be bought and sold without needing to trust a middleman. At its core, a decentralized marketplace matches buyers and sellers of goods and services. Most of the important functionality like executing trades and releasing funds are controlled by a smart contract or program instead of a person. It means that buyers and sellers agree to terms and when the terms are fulfilled, the transaction is automatically executed by the program. This makes decentralized marketplaces permission-less, resistant to censorship, and trustless.

Decentralized blockchain-based electronic marketplaces

decentralized blockchain based electronic marketplaces

There are four reasons I think decentralized marketplaces are inevitable: 1 Throughout history middlemen have suffered a common fate. They get squeezed out at every opportunity. Not only from governments that like to ban certain types of marketplaces, but also from centralized marketplaces which like to pick and choose who is welcome on their platforms. Just look at Uber and Airbnb as examples.

About Festo. Research and development.

Blockchain Vending Machine: A Smart Contract-Based Peer-to-Peer Marketplace for Physical Goods

A blockchain is a growing list of records , called blocks , that are linked together using cryptography. The timestamp proves that the transaction data existed when the block was published in order to get into its hash. As blocks each contain information about the block previous to it, they form a chain, with each additional block reinforcing the ones before it. Therefore, blockchains are resistant to modification of their data because once recorded, the data in any given block cannot be altered retroactively without altering all subsequent blocks. Blockchains are typically managed by a peer-to-peer network for use as a publicly distributed ledger , where nodes collectively adhere to a protocol to communicate and validate new blocks. Although blockchain records are not unalterable as forks are possible, blockchains may be considered secure by design and exemplify a distributed computing system with high Byzantine fault tolerance.

What are decentralized marketplaces?

Blockchain technology brings security structures and incentives in line with the way we share information in the 21st century. Join the O'Reilly online learning platform. Get a free trial today and find answers on the fly, or master something new and useful. At the heart of this failure lies the fact that the ongoing decentralization of our communication and business exchanges is in direct contradiction with the outdated centralized systems we use to secure them. The good news is that we now have a framework for creating one. Startups of all kinds are constantly pitching ideas for e-marketplaces and online platforms that would unlock new network effects by bypassing incumbent middlemen and letting people interact directly with each other. Although these companies are themselves centralized entities, the services they provide satisfy an increasing demand for more decentralized exchanges. This shift underpins social media, ride-sharing, crowdfunding, Wikipedia, localized solar microgrids, personal health monitoring, and everything else in the Internet of Things IoT.

Giant corporations that have embraced e-marketing are witnessing massive sales increase while the traditional local commerce continues to.

How to Build an Online Marketplace on Blockchain Like OpenBazaar?

The next era of edge cloud use cases will be built on close collaboration between communications service providers, cloud providers and app developers. But how does that collaboration look? Will it be underpinned by a centralized or decentralized marketplace? Or a private or public blockchain?

Nowadays, the emergence of Distributed Ledger Technologies DLTs and the rapidly developing of the digital economy have the potential to transform the current international regulatory framework. Thus, the current developments of DLTs in e-commerce demand a closer analysis of the implications for global governance and international trade. While the Internet has enhanced the development of new platforms for international trade, DLTs may be instruments to unleash the potential of e-commerce. In this scenario, DLTs could drive, strength and promote e-commerce transactions by diminishing inefficiencies. For instance, it could significantly reduce intermediation costs, facilitating the use and interoperability of smart contracts and single window systems.

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Blockchain Development , Blog , Clone App. OpenBazaar is just the platform for this. It is a decentralized e-commerce platform that allows users to list items for cryptocurrencies like Bitcoin. Have you ever wondered how to build an online marketplace on blockchain like OpenBazaar? E-commerce provides tremendous benefits to traditional brick and mortar stores by allowing businesses to exponentially expand their reach and reach a much larger market. However, with such convenience comes a cost; this cost is paid to the third party, which essentially acts as insurance in mediating the payment.

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  1. Calan

    Not bad!