Decentralized Marketplace DMarket: Blockchain-Based Platform for Second-Hand Fashion Product Trading and AuthenticationTitle

The utilization of blockchain technology and its subproduct smart contract could transform the second-hand fashion market value by solving problems related to fake products or fraud, and absence of total disclosure. This paper introduces DMarket, a decentralized marketplace that would enable usage of blockchain based smart contracts for trading and authenticating second-hand fashion. DMarket’s implementation of the blockchain technology is well driven towards increasing the level of trust and security on the platform by guaranteeing product and transaction integrity. That represents a product’s authenticity, the handling of an escrow payment and other aspects of a transaction are all governed by smart contracts thus ensuring that all stipulations on the contract are met before the transaction can go through. In this paradigm, findings have shown us that DMarket enhances security and transparency than conventional second-hand fashion marketplaces. DMarket eliminates the consequences such as fraud and usage of counterfeit products since it captured product data and transaction history on the public ledger. Improved customer trust is apparent by their satisfaction as well as confidence in transactions. In conclusion, this paper is in agreement with the idea that blockchain technology and smart contracts present the second-hand fashion e-market place with an efficient solution to its problem, hence fostering the development of more secure e-business platforms. As such, future research should focus on augmenting the features of platform and identifying possibilities for its future expansion.