Changing the Auction Landscape Through Blockchain Technology

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by Jon Buck · 3 min read
Changing the Auction Landscape Through Blockchain Technology
Photo: WITNESS / Flickr

Bringing their successful team to the Blockchain world, DomRaider has created a real solution for auctions.

Auctions can be very complex, no matter how they’re handled. There are a number of moving parts that must be considered, and auction houses need to control them. For example, the timing of bids by online or present bidders, as well as the entry barrier for those wishing to bid, and the centralized platforms being used.

The problem is that these complexities are difficult to control. Bidders want to know that their bids are logged correctly so that they don’t overpay for a product, and that they are able to bid on the products they want to without centralized hub approval.

DomRaider has created a stable international auction platform for domain URLs that have expired. DomRaider searches for lapsed domain names that are open for purchase and auctions the URLs on the open marketplace.

New Blockchain Technology Tools

However, though having a thriving existing business, DomRaider is looking to build a new platform founded on Blockchain technology and the decentralized hub it provides. This system would unite the auction ecosystem with the decentralizing power of the Blockchain technology in revolutionizing how auctions are undertaken and concluded.

DomRaider’s proposed platform would have significant systemic improvements over traditional auction systems. First, the auction platform would offer scalable solutions, be completely reliable, and offer customer transparency

Blockchain technology allows bids and data to be strictly accurate, both in timing of when the bid was received, as well as the amount and the maker.  This system would protect consumers and provide a vehicle for users to be able to audit bids from any other user instantaneously.

Additionally, the company’s technology solution allows for a decentralized global auction system which is simple to use and easily understandable for consumers. This user-friendly platform provides a smooth and easy transition for customers who are not otherwise familiar with online auctions.

Last, the DomRaider Blockchain platform would create a rapid and stable engine to immutably place bids and record final outcomes. The system, as it stands in its current phase, can create consensus of bids in under a millisecond.

Crowdfunding the Change

DomRaider is already a successful international company, but has seen the substantial requirement for a Blockchain technology platform in the auction market. The company is pursuing the solution through a decentralized platform designed to allow management of any auction, anywhere, whether physical or digital, in real-time. CEO Tristan Colombet mentioned to Cointelegraph:

“The DomRaider ICO combines two key factors for success: innovation of groundbreaking technology by Blockchain experts and the maturity of an already well-established company and an experienced team.”

DomRaider’s existing business translates into stability. The company has a track record of proven success, and a real-life viable business model and an already developed digital platform to take to the market. With all this in place, the ICO will certainly be a success.

The ICO starts Sept. 12 and will conclude with the issuance of the DRT digital token on Oct. 11.

Blockchain News, Guest Posts, News, Token Sales
Andy Watson
Author: Jon Buck

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