The problem BlockBid solves

There are several problems with traditional, centralized auctions that could potentially be solved by decentralized auctions:

Lack of transparency: In traditional auctions, it is difficult for bidders to verify the authenticity and value of the items being auctioned. Decentralized auctions using blockchain technology can increase transparency by providing a secure, transparent record of all transactions.

Fraud: Traditional auctions are vulnerable to fraud, such as fake bids or fake items being sold. Decentralized auctions using blockchain technology can reduce the risk of fraud by providing a tamper-proof record of all transactions.

High fees: Traditional auctions often charge high fees for their services, which can be a deterrent for some bidders. Decentralized auctions using blockchain technology can potentially reduce fees by eliminating the need for intermediaries.

Limited participation: Traditional auctions often have strict requirements for participation, such as requiring bidders to be physically present or to have a certain level of financial resources. Decentralized auctions using blockchain technology can potentially allow anyone with an internet connection to participate.

Limited inventory: Traditional auctions may only have a limited selection of items available for bid. Decentralized auctions using blockchain technology can potentially allow for a wider range of items to be auctioned, as they can be conducted online and accessed by a global audience.

And it allows for faster and more efficient transactions. Because it uses blockchain technology, payments can be processed almost instantly, without the need for intermediaries. This can save users time and money.

Finally, it provides a secure platform for users to buy and sell items. Because all transactions are recorded on the blockchain, they are immutable and can't be altered or deleted. This helps to protect users from scams or fraud and gives them peace of mind when using the platform.

Challenges we ran into

We were using IPFS to store photos of the auction and ethers.js to connect our front end with the blockchain. We had literally no idea how to connect IPFS with it. We had to go through documentation and youtube videos to get a relevant idea of how to work on it. It was a lot of trial and error, but eventually, we successfully implemented IPFS into our project.
Another hurdle was for some misconception while pushing into the master git repository. Due to this we had to again make a new repository and write some of our codes again.
Another challenging part was making the UI of this app, which really took a lot of effort and time.
Overall, the experience was a valuable lesson in the importance of understanding the limitations of the tools you are using and being prepared to find creative solutions when faced with challenges.