Published on July 20th, 2018 | by bitcoin0
Asset Exchange Patent Seeks to Make Blockchain Bidding More Secure
A state-backed financial asset exchange in China’s Chongqing city is turning to blockchain to make online auctions tamper-proof and transparent.
According to a patent application filed in December and revealed on Friday by the China State Intellectual Property Office, the Chongqing Financial Asset Exchange (CQFAE) is exploring how to create a system that allows multiple parties to bid for a financial asset over a distributed network.
The asset exchange said the effort is necessary because the existing centralized database system is vulnerable to malicious alteration of data, either by bidding parties or even bidding organizers.
It stated in the patent filing:
“The centralized online platform could make the bidding process become unfair and less transparent as the bidding parties are also unable to supervise the process.
While it’s so far unclear if the firm plans a blockchain product based on the patent application, it notably comes a month after the Chongqing city government revealed its plan to create a “blockchain digital asset exchange.”