The Ukrainian government launched the first blockchain auction platform to eliminate secret operations

The applications of blockchain technology are diverse.

Most people know that blockchain is the underlying technology of Bitcoin. This innovative technology has become a focus in the financial field. A large number of banks and financial institutions have invested in it and explored ways to use it in their own systems.

But the use cases of blockchain don’t stop there. In Ukraine, blockchain technology will be used for auctions. This decentralized online auction is an interesting use case to explore. Currently, developers at IT company Distributed Labs are working on creating a decentralized auction platform. This platform is expected to spark awareness of financial technology innovation in Ukraine.

The developers of Distributed Labs spontaneously wrote the core protocol for this blockchain concept. Based on its cloud data storage solution, Microsoft's cloud platform Azure also played an important role in the development process. In addition, this blockchain auction platform has been thoroughly tested on Azure servers and is scheduled to be officially launched on July 7, 2016.

More importantly, the blockchain platform has received strong support from the Ukrainian government. As early as March 2016, the government had authorized the legality of the platform. The initial goal of the platform is to attract investors and users in Ukraine. In addition, although the specific operation mode has not been disclosed, the developers plan to use it to sell state-issued licenses.

Other auction items include real estate and state-owned property. Due to the decentralized nature of the platform, no one can control it. In addition, platform transparency is also very important. As long as the auction process is completely open, shady operations will never happen again.