Blockchain-Based E-Auction To Fight Corruption In Ukraine

Blockchain-based system for holding online auctions will be launched in Odessa region, Ukraine, in February 2016.

381 Total views
124 Total shares
Blockchain-Based E-Auction To Fight Corruption In Ukraine

A blockchain-based system for holding online auctions will be launched in Odessa region, Ukraine, in February 2016. The system will allow leasing and selling state property in a decentralized and transparent manner. Such a solution could help fight corruption in this sphere.

The current system of state property in Ukraine is centralized. So when this property is sold or leased, only a certain amount of people that control the system get the benefit of it. Thanks to the Blockchain, state property would go online and would be sold or leased without the ability of any particular person to control or forge the process.

Michael Chobanyan, the head of KUNA Bitcoin agency, is a participant of this project. He believes that Blockchain is the only way to fight corruption in the sphere. He told CoinTelegraph:

“This is the only way the old system could be changed. We could create hundreds of anti-corruption committees to make state property privatization fair but all those efforts would be next to useless as it is impossible to fight one human factor with another”.

Michael Chobanyan,  head of KUNA

The Blockchain-based e-auction system will have a decentralized core and database which will make any human influence on the auction place impossible. So after a lot is submitted to the system, the auction can not be influenced or forged.

Odessa region is only the starting platform of the project. After it is launched and trialed there the system will probably spread to other regions as Blockchain is really able to make the government work more transparently and corruptionless.

The Biggest Blockchain Community in Eastern Europe

Ukraine has the biggest Blockchain and Bitcoin community in Eastern Europe. Ukrainian enthusiasts are raising people’s awareness of these technologies by holding educational events for everyone. For example, a BIP002 conference was held in Lviv on January 11-13.

Besides, Distributed Lab plans to launch a Bitcoin wallet that “will support a BTC/UAH instant exchange option using Visa and Master Card debit cards”.

And on the top of it all, Verkhovna Rada of Ukraine will review the bill defining the legal status of Bitcoin. Allegedly, it will be submitted in January-February, 2016. That bill should finally legalize Bitcoin as a currency, promoting its wider adoption.


We hope that you like the companies that were mentioned in this article. Find them in our ratings and vote for your favorite.

×

Hottest Bitcoin News Daily

For updates and exclusive offers, enter your e-mail below.