Blockchain technology is captivating audiences all over the world. Not too long ago, Ukrainian developers have put together a blockchain-based auction platform While there was an initial success for this project, things went rather quiet ever since. But the city of Bila Tserkva has auctioned off some local public property while using the Auction 3.0 blockchain platform.
The Power of Blockchain-based Auctions
When it comes to dealing with property rights, existing solutions are far from adequate. There is a severe lack of transparency, and records end up missing or are filled out wrong more often than not. But with the launch of the Auction 3.0 platform, all of those problems will go away over time.
Distributed Lab is the party responsible for creating this blockchain-based auction platform. While it was greeted with some skepticism at first, cities and government officials are warming up to this project as of late. The city of Bila Tserkva completed their pilot project successfully by leasing some uninhabited locations.
Local authorities were rather pleased with how well the system performed in a real-life situation. They will use Auction 3.0 for future auctions taking place in the city, albeit no specific details were mentioned at this time. However, the project has the backing of Mayor Gennadi Dikiy, as he wants to standardize this new process to lease public property.
Things have been going rather smoothly for the Auction 3.0 platform so far, as it was only first trailed on July 7th. According to our sources, the next trial will be held in a larger Ukrainian city, which could be either Poltava or Kyiv. Doing so will help raise awareness for this project, albeit it will take some time before it becomes a nationwide standard.
The benefits of this platform are evident for everyone to see. Auction 3.0 reduces fraud to a minimum, and it is performed publically. Moreover, it uses immutable blockchain technology to record the winner of the auctions and timestamps the information accordingly. Unfortunately, current legislation in Ukraine does not allow for this system to be used to auction national and municipal properties just yet.
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