Online Auction on Blockchain Brought First Billion to Ukrainian Budget


Published on 05 Apr. 2018
Inspiration 1514296 1280

State enterprise of the Ministry of Justice of Ukraine OpenMarket (CETAM), world first online auction on the blockchain, has sold the property for over one billion UAH, reports the press service of the ministry.

On September 6, 2017, the world first auction that used the innovative cryptographic technology of blockchain took place. The technology was implemented by the state enterprise CETAM with the help of BitFury Group – the company that provides blockchain-based software.  

The use of the distributed ledger system allowed carrying out the operations without intermediaries. This accelerated transactions and reduced expenses. Also, it helped to avert corruption and increased the trust of the publicity to the auction.

From the very beginning of the blockchain use, we’ve experienced the increase of clients’ trust to our auctions. We signed agreements with many local governments and banks and carried out many successful sales. And as soon as April 7, after eight months from the start, we reached the general auction sum of 1 023 138 965 UAH,

- emphasized OpenMarket CEO ViktorVyshniov.

On his Facebook page, he calls the success of the auction the real victory.

CEO explained how the technology works. The protection and storage of data are fulfilled due to the robust cryptographic algorithms. Anyone can review the auction statistics on СЕТАМ website.

Also, Vyshniov thanked his partners who helped with implementing the innovations: the Ministry of Justice of Ukraine, the company BitFury, the State Agency on E-Government, the fund “Eastern Europe.”

By the way, BitFury Group has offered a ready solution, based on the distributed ledger technology, for the use on the elections in Ukraine. 


More news

Lithuania Develops a Blockchain-Based System for the Remote Registration of Foreign Companies


Lithuania wants to create a blockchain-based system that will allow foreign entities to register remotely in the European Union.

19 Apr. 2018

Russia and China Will Sue Google and Facebook Because of Cryptocurrency Advertising Ban


The blockchain associations of Russia and China are displeased by the prohibition of Google, Twitter, Facebook, Yandex to advertise cryptocurrencies and ICO on their platforms.

18 Apr. 2018

Telegram Is Officially Forbidden in Russia


The Russian court has officially banned a messenger app Telegram - two weeks after its ICO gathered almost two billion dollars during the two rounds of the private presale

17 Apr. 2018