Auction Is on Blockchain! Auction OK’s Blockchain Auction Technology Now Registered Patent

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SEOUL, South Korea–(BUSINESS WIRE)–NEXTIB, the PropTech firm behind the blockchain-based on-line actual property public sale platform Auction OK, introduced that its patent utility filed final November was profitable. This marks the primary such patent for an internet actual property public sale (Patent No. 10-2250084).

Final yr, NEXTIB filed a patent utility for a way of offering actual property public sale service with the Korean Mental Property Workplace. The patent contains the encryption of public sale bids and the storage and administration of such info on a blockchain community, which prevents unauthorized manipulation of the bids entered on-line. As well as, offering a contactless blockchain property platform, this expertise additionally considerably eliminates inconvenience of a standard public sale system which requires bidders to be current at every bid web site.

The patent additionally features a technique of encrypting a number of bid logs after the conclusion of every public sale sale. Public sale OK platform encrypts all correctly entered bids in order that the details about the bid value is hidden from everybody. After the bidding interval is over, the bids encrypted into the blockchain community are decrypted to be in contrast and the successful bid chosen. This enables the successful bid quantity to be in contrast and verified with the one recorded within the worth encrypted within the blockchain and ensures that there was no information compromise.

The bidding information are saved on the Klaytn community, a mainnet platform created by GroundX, a blockchain subsidiary of Kakao. The community boasts high-speed block creation and enlargement, in addition to excellent stability. Public sale OK defined that public sale members may examine the encrypted public sale historical past at any time, which just about eliminates any risk of information manipulation.

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Public sale OK is Korea’s first contactless property public sale service that makes use of blockchain expertise to safe a clear public sale bidding course of for the general public. The likelihood is infinite with this trusted on-line public sale platform. Utilizing the identical blockchain public sale platform, the corporate has already held a charity NFT public sale and occasion auctions for luxurious items and electronics. With the profitable patent registration, Public sale OK’s on-line public sale platform is anticipated to develop in buyer confidence.

On acquiring the patent, Lee Jang Woo, the supervisor of the blockchain lab, stated, “There are already examples of on-line real-estate public sale companies overseas corresponding to Ten-X and Taobao.” He added, “At the same time as contactless and cell business has grown exponentially with the enlargement of on-line companies, auctions caught to its Twentieth-century analog technique. With Public sale OK’s patent, auctions will belief and make the most of blockchain and transfer onto the cell world sooner or later.”

NEXTIB’s plan this yr contains bettering the person interface to make it simpler for actual property brokers to record unsold/pressing gross sales and providing a greater variety of listings that features agricultural lands, flats, single houses, and business buildings.



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