BlockBid proposes a new approach to blockchain auctions by implementing robust privacy features using homomorphic encryption, secret sharing, and smart contracts. Existing approaches lack privacy and suffer from exorbitant gas fees, latency, scalability issues, and low levels of security. Bid processing is made more secure through the elimination of third parties, collusion is minimized, and efficiency is maximized with layer two chains and off-chain blockchain speed enhancements. These claims are supported with quantitative data showcasing lowered cost and time efficiency in bid submission, as well as improved performance scalability for BlockBid under different user loads. BlockBid introduces an innovative method to balance resource expenditure and security in decentralized auctions. This construct can be used for developing flexible and resilient block chain powered auction systems for e-business resource trading, cloud service resource distribution, and digital property trading.