Ukraine’s Geocadastre Service to Test Blockchain-Based E-Auction System
A blockchain-based e-auction system for land plots which allows for running electronic bidding alongside the traditional auctions was presented in the Ukraine’s city of Odessa.
The presentation was organized by Ukraine’s State Service for Geodetics, Cartography and Cadastre with support of the Innovation and Development Foundation.
To test the system, an auction for 19 land plots in Odessa Region with the overall area of 708 hectares (1749 acres) and the total starting price of 1.3 million Hryvnias (around $50,000) has been arranged. If deemed successful, the system will be implemented across the entire country.
â€śIn terms of anti-corruption effectiveness and general economic efficiency, there’s no alternative for land plot auctions today. For that reason, this platform for online bidding that seeks to attract as much participants as possible and maintain higher transparency of the process was created,â€ť said Maxim Martynyuk, the first deputy of Ukraine’s minister for agriculture.
The Auction 3.0 system’s capabilities are currently limited to leasing, as similar auctions on selling national and municipal property will become possible only once relevant amendments are introduced in Ukraine’s legal framework.
The concept of transferring public property privatization to a decentralized open exchange originated in Innovation and Development Foundation. The software was developed by blockchain experts from Distributed Lab.
The project received support from two major Ukrainian banks, Oschadbank and PrivatBank, both of them providing their payment infrastructure, as well as Microsoft. The latter offered free servers to test and run the platform. The other important partner is EMK, who developed and launched the first Auction 3.0 access platform.
Subscribe to our Newsletter<
- Bitsonar Exit Scam: How Former Ukrainian Government Official Took Money From Europeans, Americans, and Russians With Cryptopyramid
- Ukraine’s Deputy Minister of Digital Transformation: We Want Ukraine to Join Countries That Develop New Economy
- Alternative Cryptocurrency Regulation Bills Introduced in Ukraine and Russia
- You Can Now Buy Fruits and Vegetables with Bitcoin in Kyiv
- Ukraine Set to Recognize Cryptocurrencies as a Financial Instrument
- Ukraine Electoral Commission Trials NEM Blockchain for Voting Process
- Billionaire Teddy Sagi Invests in Ukrainian Blockchain Startup Distributed Lab
- Ukrainian Hackers Stole $50 Million in Bitcoins Using ‘Poison’ Google Ads