Ukraine’s Bila Tserkva city administration approves blockchain-based e-auction platform version 3.0

Rage Review : The Ukrainian city administration of Bila Tserkva will soon approve the use of the electronic auction platform version 3.0, on which municipal and state-owned properties will be rented out. Bila Tserkva conducted a test auction of municipal property a few weeks ago and was well received by all parties. Last year, some cities in Ukraine began to embrace the electronic auction platform version 3.0. With the approval of the electronic auction platform in Bila Tserkva, this trend will continue and is expected to expand to other countries.

Translation: Nicole

The development of electronic auction platforms based on blockchain technology is gaining momentum in Ukraine. Another new city has announced that they will use blockchain solutions in the coming months. Bila Tserkva, a city close to the Ukrainian capital of Kiev, will soon approve the use of the electronic auction platform version 3.0. The platform will rent out municipal and state-owned properties, just like other cities in Ukraine.

Blockchain has advantages in leasing property

Last year, some cities in Ukraine began to embrace the e-auction platform version 3.0, which is not surprising, as the potential of blockchain technology is still huge. Currently, the main focus is on leasing municipal and state-owned properties, and with the approval of the e-auction platform in Bila Tserkva, this trend will continue.

This is not the first time that Bila Tserkva has explored the scope of application of the electronic auction platform version 3.0. A few weeks ago, a test auction of municipal property was carried out, which was well received by all parties. Before the auction began, the blockchain-based auction platform was also demonstrated to the city administration and the public.

For most people, bidding on property using blockchain is unusual. However, the team behind the e-auction platform version 3.0 usually needs to explain the inner workings of the project. Once everyone understands the basic workings, the auction can begin. All in all, the whole process takes 40 minutes, and the final price is twice the reserve price.

As the auction progressed, the city administration of Bila Tserkva was studying the future application of the project. As one would expect, this process took a long time.

Blockchain technology can be used for many purposes. Bitcoin and other financial services are just a few examples of how decentralized technology has been achieved. The 3.0 version of the electronic auction platform will continue to develop in Ukraine and is expected to be expanded to other countries.