A General and Configurable Framework for Blockchain-based Marketplaces

TL;DR

This paper introduces a flexible, generic framework for blockchain-based marketplaces that can be configured to support various marketplace types, properties, and mechanisms, demonstrated through diverse use cases.

Contribution

It presents a novel, configurable framework for blockchain marketplaces, including concrete algorithms and support for different marketplace properties and types.

Findings

Framework supports multiple marketplace types

Algorithms enable customizable price discovery

Use cases demonstrate versatility of the framework

Abstract

The first generation of blockchain focused on digital currencies and secure storage, management and transfer of tokenized values. Thereafter, the focus has been shifting from currencies to a broader application space. In this paper, we systematically explore marketplace types and properties, and consider the mechanisms required to support those properties through blockchain. We propose a generic and configurable framework for blockchain-based marketplaces, and describe how popular marketplace types, price discovery policies, and other configuration parameters are implemented within the framework by presenting concrete event-based algorithms. Finally, we consider three use cases with widely diverging properties and show how the proposed framework supports them.