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Work Details
A blockchain-based auction system based on the identity of the respective citizens (validated through smart contracts) ensures that houses are only allocated to the right citizens/user groups.
Such a system help improve the trust in the allocation process as a blockchain can make such a system transparent and openly auditable. Also, all transactions get captured immutably, resulting in increased accuracy in record keeping.
Users can auction off anything on the chain that is available to them. The smart contract takes holds the auctioned asset and thereafter it manages bids associated.
Fast
Blockchain offers technical consensus mechanism ensuring that each higher bid is validated in less than 1 second for live auctions.
Access
The best place to run an auction is a decentralized platform that allows the owners or the company to have a direct entry to this occurrence.
Instant payment
Instant and secure, payment and ownership transfer of the auctioned product is now viable through the Blockchain solution.