Exonum Blockchain: Your Platform for Trust
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e-Auctions

Electronic auctions, or e-auctions, are digital, centralized auctions that facilitate the sale of state assets. However, given their centralized design, they are prone to manipulation and corruption. A blockchain-based e-auction system can prevent graft and increase auction security and efficiency.
Check out how an Exonum blockchain improved the e-auction system in Ukraine, doubling the number of participants in just a year.

Issues Facing Centralized E-Auction:
    • Lack of transparency
    • Centralization of processes
    • No interoperability
    • Risks of corruption
    • Low trust from bidders
    • Security risks
How Exonum Blockchain
Transforms E-Auctions:
    • The data about each auction is stored in the blockchain
    • The blockchain data is stored in multiple places
    • Every computer that stores a copy of the blockchain must approve each addition, protecting against unauthorized changes
    • A special protocol safeguards the connection among the servers
    • Each transaction/change to the data is signed with a secure cryptographic “digital signature” which is published to a public blockchain for posterity
    • If any information about the bid changes, the digital signature would change as well. This enables everyone to be able to verify bid information
    • If someone try to compromise the blockchain and edit the digital signatures, the attempt would be immediately noticeable and rejected by the network