A Trustable and Traceable Blockchain-based Secondhand Market with Committee Consensus

The secondhand market has shown promise due to its resource-saving and idle interchange features, but the trust problem has hampered its growth. Currently, many studies employ third-party platforms to build secondhand markets. However, buyers are unable to identify the legitimacy of secondhand products because they lack specialized knowledge. It is very challenging to protect an individual’s rights if the third-party marketplace is malicious. In order to address these issues, consortium blockchain is used in this paper instead of the third-party platform. Additionally, to improve the efficiency of blockchain, a novel committee-based Byzantine consensus is designed for the secondhand market. The submitted transactions can be verified by committee nodes, and other client nodes can update the product’s states and verify the recorded transactions. The transactions are transparent, permanent, and traceable, and they are verified by the chosen committee nodes. Buyers and sellers can therefore have trust in our blockchain-based second- hand market. Our experiment has proven that the consortium blockchain-based secondhand market can be more effective and reliable. The use of committee consensus has effectively reduced transaction latency on our blockchain platform.