This is a brief on how blockchain can be used in Auctions and how it works.

1. How Blockchain can be used in
Auctions & How it works?

2. BLOCKCHAIN USED IN auctions
• The Blockchain now plays a prominent role in the world of an auction.
• Auctions are the next best method to do a deal on a commodity.
• Our world is a place where every day, plenty of new commodities get released for the
consumers use, like oil and soya.
• These commodities are synonymous, as oil at one place is exchangeable for a barrel
from another place as an exchange for an item to another.
• Exchanges play a major role by equaling with the market price. This directly affects
the supply with demand for these goods.
Copyright© BlockchainCouncil 2

3. • Those goods which are unique cannot have a quoted price because of the attributes
they maintain.
• Due to this factor, the market that can quote an efficient price for every unique item
according to the standards.
• Therefore online platform like eBay is the hub to do the auction. As per now, it gives
out the best price for the seller, thereby making it a success.
Copyright© BlockchainCouncil 3
Sign Up Now

4. • There are plenty of exchanges for goods and mostly represented by tokens.
• In this digital era, it is very easy to find an exchange to buy tokens like Bitcoin.
• Now the distributed apps and established platforms assemble at the blockchain.
• Once it's done it will all merge as one. On the basis of metadata acquired there will
be a base for non-changeable unique goods.
• The best way to find goods at a price according to the will of the owner is to always
go by the process of this auction as to achieve the best deal.
Copyright© BlockchainCouncil 4
Sign Up Now

5. • The best place to run an auction is a decentralized platform so that the owners or the
company can have a direct entry to this occurrence.
• Users can auction off anything on the chain that is available to them.
• The smart contract takes holds the auctioned asset and thereafter it manages bids
associated
Copyright© BlockchainCouncil 5
Sign Up Now
How does it work?

6. • The workflow is as follows:
o Seller is the candidate or the user who creates the auction.
o The Seller defines the ownership of the asset to auction contract with the
commencement of the auction, thereby activating it.
o The users who take part in the auction bid on the item, and if the amount raises
more than the bid amount it is available for withdrawal process.
o At the end of the auction, if the reserve price hits, the winner receives the item. If
not then the opposite.
• The digital auction is now being a trend and has global followers who believe that this
is the next big thing.
Copyright© ToshendraSharma 6

7. OUR CONTACT DETAILS
https://www.blockchain-council.org
training@blockchain-council.org
fb.com/blockchaincouncil
@chaincouncil
WEBSITE:
EMAIL:
THANK YOU FOR YOUR TIME
Copyright© BlockchainCouncil 7
Blockchain CouncilComPany:
Sign Up Now