22-10-2014, 09:48 AM
Abstracts: A new way of buying and selling just about anything on the Internet is the online auction. Online auction systems require high-speed bid transmission, large bandwidth and maximum bid security. Online auctions are gaining popularity as they provide an excellent means of selling items. Their advantages include: reducing transaction costs, selling items that are difficult to sell through the ordinary market channels, and increasing the circle of potential customers. An online auction system is aimed at taking the auction to the finger tips of aspiring bidders and sellers in a user friendly way. They can take part in the auction just sitting in the comfort of their living room, be it during the day or night. The only pre-condition for anyone willing to participate in the auction process is that he/she must register and authenticate himself before the auction process.