Gaining Control of Auction Bidding Through the Blockchain

The auction marketplace can be dangerous for consumers, no matter how savvy they are. With all of the complex analysis that must be accounted for when bids are placed, auction firms are being forced to seek new ways to properly protect and care for clientele.

The main issues are the sensitivity of timing digital bids compared with physical bids and the substantial barrier to entry for consumers who are wishing to bid, in addition to the tedious and obsolete platforms being used right now.

Bidders of all financial statuses need confidence that bids are catalogued properly and time-marked instantaneously, so that buyers are not forced to pay additional costs for a product that they have bid on.  Consumers also are demanding the ability to bid on the products they desire without having to process purchases via a centralized source.

DomRaider‘s existing auction platform for lapsed or expired domain names is already an internationally recognized platform. The company actively pursues expired domain names using proprietary software, hoping to find URLs that are available. After purchasing the rights to these domains, the company auctions those URLs to bidders.

Blockchain expansion

Though already having created a thriving business model, DomRaider aims to develop a new system powered by blockchain technology which utilizes the decentralized technology that it provides.

The system will unite the traditional auction model that bidders have embraced with the decentralized power and transparency of blockchain technology. The company intends to revolutionize the complete auction experience.

DomRaider’s international platform will create global improvements because the DomRaider model will provide easy scaling, be fully reliable, and be transparent for active customers.  

Blockchain technology allows for strict data controls, both in numerics and logging.  This new system will protect consumer privacy and yet make the bid process transparent and fully auditable.

As CEO Tristan Colombet mentioned to Cointelegraph:

“The DomRaider ICO combines two key factors for success: innovation of groundbreaking technology by Blockchain experts and the maturity of an already well-established company and an experienced team.”

Above all, though, the platform will build a fast and secure engine to immutably place bids and record final outcomes. The system, as it stands in its current phase, can create consensus of bids in under a millisecond.

Already running

DomRaider isn’t starting from a standstill. It’s already built a thriving auction business, and is now pursuing this platform using distributed ledger technology, in order to allow control of any auction, anywhere on the planet, whether physical or digital, in real time.

DomRaider’s current book of business should inspire investor certainty, combined with a strong track record of success, as well as a business model and an already-developed platform to take to market.

The ICO kicked off Sept. 12 and will conclude with the issuance of the DRT digital token on Oct. 11.

Disclosure: This is a sponsored article.