What is a blockchain and how cryptocurrency will help to defeat corruption in Ukraine
Bitcoin and all its subsequent variations are just a top of the technological iceberg. The potential of blockchain technology is not confined to cryptocurrency only.
Blockchain is a database of all transactions take place in the system. It is organized as a chain of data blocks, each including a certain number of transactions recorded. Moreover, each subsequent block contains information of the previous block.
In Ukraine, a blockchain application pilot project takes place in public administration system on the state property rental and sale market. Online auction eAuction 3.0. is a timid attempt to rid the auction process of dirty games.
In the system each user can see in real time all participants of the auction and their offers. You can also collect an information about the auctions and its participants to analyze their behavior or to evaluate the impact of the moon phase on their price offers.
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