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Blockchain eAuction Platform Being Tested In Ukraine Government Auctions

Summary: In an effort to bring increased transparency and efficiency to the process of auctioning state owned property, the Ukrainian government is looking to a decentralized blockchain-based solution to facilitate the auction process.

“With the help of volunteers from Distributed Lab, Oschadbank, Privatbank, Unitybars and Microsoft we developed a blockchain system yet without rivals in the world,” said Lasha Antadze, a spokesperson for the project.

The platform, called e-Auction, is based on open source code and runs on a “private, proof of stake blockchain.” The project is being developed in anticipation of a memorandum being signed that will legalize the platform’s use for official government auctions.

For more complete details, including a technical explanation of how the system will work, take a look at the full writeup by Forklog.

Image Source: Forklog