Seoul, South Korea – (BUSINESS WIRE) – NEXTIB, the PropTech company behind the blockchain-based online real estate auction platform Auction OK, announced that the patent application filed last November was successful. This is the first such patent for an online real estate auction (Patent No. 10-2250084).
Last year, NEXTIB filed a patent application with the Korean Intellectual Property Office for a method of providing real estate auction services. The patent covers the encryption of auction bids as well as the storage and management of such information in a blockchain network, which prevents unauthorized manipulation of the bids entered online. Also, by providing a contactless blockchain real estate platform, this technology significantly removes the inconvenience of a traditional auction system that requires bidders to be present at every bidding location.
The patent also includes a method for encrypting multiple bid logs after each auction sale is complete. The Auction OK platform encrypts all properly entered bids so that the information about the bid price remains hidden from everyone. After the bidding period has expired, the bids encrypted in the blockchain network are decrypted in order to be compared and the winning bid is selected. This allows the maximum amount of profit to be compared and verified against the amount recorded in the value encrypted on the blockchain and ensures that no data compromises have been made.
The bidding documents are stored in the Klaytn network, a mainnet platform created by GroundX, a blockchain subsidiary of Kakao. The network offers high speed block creation and expansion and excellent stability. Auction OK explained that auction participants could check the encrypted auction process at any time, which virtually excludes any possibility of data manipulation.
Auction OK is Korea’s first contactless real estate auction service that uses blockchain technology to ensure a transparent auction bid for the public. With this trusted online auction platform, the possibilities are endless. On the same blockchain auction platform, the company has already held an NFT auction for charity and event auctions for luxury goods and electronics. With the successful patent registration, the online auction platform from Auction OK is expected to increase customer confidence.
Lee Jang Woo, the manager of the blockchain laboratory, said of the receipt of the patent: “There are already examples of online real estate auction companies abroad such as Ten-X and Taobao.” He added, “Even if the contactless and mobile industry with the As the expansion of online services has grown exponentially, the auctions have kept to the analogous method of the 20th century. With the Auction OK patent, auctions will trust and use blockchain and will penetrate the mobile world in the future. ”
NEXTIB’s plan this year is to improve the user interface to allow real estate agents to list unsold / urgent sales and to offer a wider range of offers, including farm land, apartments, single-family homes and commercial buildings.