In Ukraine, seized property is sold through the OpenMarket blockchain auction

The electronic trading system for seized property (SETAM) sold assets worth 1.023 billion hryvnia in 8 months of operation of blockchain technology. “Since we started using blockchain, we have experienced an increase in customer confidence in our auction. We have entered into agreements with many local governments and banks, and held many successful trades,” emphasized Viktor Vishnev, CEO of SETAM OpenMarket

The Blockchain platform allows government procurement and sales to be carried out without centralized management.

This technology has made the system transparent and eliminated the involvement of intermediaries, which, in turn, significantly reduced costs and increased the speed of transactions. The technology makes the auction safe, reliably protects information in the system from changes or forgery, and prevents corruption. 

We would like to remind you that the state-owned enterprise CETAM held the world's first electronic auction using innovative cryptographic technology Blockchain in September last year.

The implementation of such a blockchain project in the public sector is possible thanks to the cooperation of the international Blockchain company Bitfury Grou with the State Agency for Electronic Governance of Ukraine. And the international anti-corruption organization “Eastern Europe” was brought in for public monitoring. 

The main goal of the project is the introduction of Blockchain technology into state-level management systems.

In addition to SETAM OpenMarket, by the end of the year the State Register of Real Estate Rights will completely switch to this system.

Also at the beginning of the year, the Blockchain Research Institute included Ukraine in the list of fourteen leading countries in the implementation of blockchain technology.