How Blockchain is Innovating the Online Auction Space
https://medium.com/auctionity/decentralizing-ascending-auctions-on-blockchain-dffab74446c1
A company called Auctionity is using blockchain technologies to decentralize online English auctions while making them faster and more secure. Auctionity argues that the properties of block chain will make their online auctions unbiased and impossible to corrupt, allowing both the bidder and seller to have full faith in the rules of the auction. In addition, Auctionity doesn’t need to validate transactions meaning that the bidding speed is comparable to that of a real auction house. Perhaps the largest advantage Auctionity has over standard auctions is their ability to guarantee payment and guarantee delivery. This means that the seller can be sure he will get a payment valued at whatever the highest bidder bid and that the buyer can be sure he will get the item he was bidding for. When comparing current online auction methods to blockchain, blockchain wins hands down. The blockchain technology, if employed correctly and efficiently, allows for a more transparent, strict and fair auction experience.
Auctionity will almost definitely affect the auction space, in turn affecting our understanding and network models of auctions. Corruption, biases, and other unpredictable factors in auctions have the ability to cripple our current network models of auction strategies. However, Auctionity’s technology has the ability to completely remove these unpredictable factors by including no biases and creating an absolute set of rules that must be adhered to in order to bid or sell. Thus, the rise of auctionity will make our current network models of auctions more accurate as well as provide us with data and insights that could pave the way for new and more powerful models.
Blockchain definitely disrupts the industries. I wonder whether Auctionity has ever thought of working with eBay on providing solutions for their business model, or Christie’s or Sotheby’s.
There is also a good example of the blockchain company that implements it in the real estate. Rentberry are providing the option of the rental auction to make the custom offers for the rentals, and their technology works on the blockchain.