A General and Configurable Framework for Blockchain-based Marketplaces

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.