promisinghan/nile

Nile - Intellectual Properties e-auction on Blockchain

Nile

What is Nile?

E-auction on Blockchain for Intellectual Properties using cutting edge Auction Smart Contract in Solidity

Description

The Nile Marketplace component provides a trading platform for intellectual property trademarks, copyrights, patents, trade secrets using blockchain-based smart contracts. It can be used to implement auctions using different pricing models and follow the trade transactions to conclusions including successful receipt of the traded item.

Goal

The goal of Nile Marketplace is to enable trades on a decentralized platform. Anyone that wants to securely trade their own Intellectual Properties will be able to use our platform to complete such transactions.

Why Smart Contract?

• The smart contract, proposed in 1990 and implemented via Ethereum platform, can ensure the bill to be secured, privatized, and unalterted. The buyers and sellers are issued complete rights to all the transactions recorded on our decentralized ledgers.

Composition of our Smart Contracts

• Registration of IP
• Auction/Marketplace

1. Bidding
2. Completing transaction
3. Withdrawing

Architecture Overview

The party wishing to sell intellectual property creates a new auction, after which the potential buyers can submit their bids. The bidding time lasts indefinitely, giving the seller the authority to sell their product at a certain price. The winning bid is always the highest bid on a given product. The transaction happens with the cryptocurrency; Ethereum.

Pricing models

Simple bidding: In this model, as long as a request remains open, new offers can be added. Finally, when the auction closes, the offer with the highest bid is selected as the buyer.

Withdraw function:

The buyer has the right to withdraw their offer at any given time. Once the request is complete and a buyer is chosen, he or she will not be obligated to buy the product but will have to pay a five percent penalty to the seller for withdrawing after the bidding time has ended.

Business model

Our business model gives our customers a better rate of trading than any other platform. For example, Amazon collects an average of 15 percent in addition to other miscellaneous fees, but we have a fixed rate of 10 percent on each product traded. Our blockchain technology protects the sensitive content of Intellectual property. It allows essay traceability of each transaction and protects proof of ownership. All such components make our service an efficient marketplace to connect market buyers with market sellers.