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.