CQFAE Is Turning To Blockchain For Fair Online Auction Chongqing, China’s financial asset exchange is swinging to blockchain to influence online auction tamper-proof and transparent. As per a patent application documented in December and uncovered on Friday by the China State Intellectual Property Office, the Chongqing Financial Asset Exchange (CQFAE) is investigating how to make a system that enables various parties to bid for a financial asset over a distributed network. It is clarified from the document that the imagined network would be controlled by invited validator hubs that are separate from the organizations who participate in bidding for specific assets, for example, letters of credit or corporate bonds. At the point when organizations present their bid to the network, the validator hubs authenticate the data and then broadcast the new cost for the following level of the auction, which is calculated based on different criteria encoded to smart contracts on the blockchain. The asset exchange said the exertion is vital because the existing centralized database system is helpless against malicious alteration of data, either by bidding parties or even auction coordinators. As per the patent documentation, “the centralized online platform could influence the bidding process unfair and less transparent as the bidding parties are unable to supervise the procedure. Accordingly, the authenticity and security of the bidding data can’t be ensured.” Established in 2011 as an approved exchanging by the municipal government of Chongqing, the CQFAE functions as an intermediary between small businesses hoping to raise capital and lenders such as investment firms and traditional banks. It additionally encourages the exchanging or trading of corporate loans and letters of credit. While it’s so far vague if the firm designs a blockchain product with a view of the patent application, it eminently comes a month after the Chongqing city government uncovered its plan to create a “blockchain digital asset exchange.” As reported by Coindesk, the news at first caused disarray in the Chinese cryptocurrency community, which conjectured that it could mean a government-backed cryptocurrency trading platform. A Government official reportedly cleared up later that the platform is centered around encouraging the exchange of “non-standard assets, such as credit loans and letter of credit, The post CQFAE Is Turning To Blockchain For Fair Online Auction appeared first on OWLT Market.

Chongqing, China’s financial asset exchange is swinging to blockchain to influence online auction tamper-proof and transparent.

As per a patent application documented in December and uncovered on Friday by the China State Intellectual Property Office, the Chongqing Financial Asset Exchange (CQFAE) is investigating how to make a system that enables various parties to bid for a financial asset over a distributed network.

It is clarified from the document that the imagined network would be controlled by invited validator hubs that are separate from the organizations who participate in bidding for specific assets, for example, letters of credit or corporate bonds.

At the point when organizations present their bid to the network, the validator hubs authenticate the data and then broadcast the new cost for the following level of the auction, which is calculated based on different criteria encoded to smart contracts on the blockchain.

The asset exchange said the exertion is vital because the existing centralized database system is helpless against malicious alteration of data, either by bidding parties or even auction coordinators.

As per the patent documentation, “the centralized online platform could influence the bidding process unfair and less transparent as the bidding parties are unable to supervise the procedure. Accordingly, the authenticity and security of the bidding data can’t be ensured.”

Established in 2011 as an approved exchanging by the municipal government of Chongqing, the CQFAE functions as an intermediary between small businesses hoping to raise capital and lenders such as investment firms and traditional banks. It additionally encourages the exchanging or trading of corporate loans and letters of credit.

While it’s so far vague if the firm designs a blockchain product with a view of the patent application, it eminently comes a month after the Chongqing city government uncovered its plan to create a “blockchain digital asset exchange.”

As reported by Coindesk, the news at first caused disarray in the Chinese cryptocurrency community, which conjectured that it could mean a government-backed cryptocurrency trading platform.

A Government official reportedly cleared up later that the platform is centered around encouraging the exchange of “non-standard assets, such as credit loans and letter of credit,

The post CQFAE Is Turning To Blockchain For Fair Online Auction appeared first on OWLT Market.

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