[Blockchain Today Reporter Ji-Hye Han] The first digital real estate auction platform’Auction Night’ in Korea operated by Next Ivy (CEO Jeon Young-hoon) will launch its official service on the 12th. Until now, the auction market has been in the offline-centered analog form, and digitalization has been the slowest sector, but anyone can efficiently trade real estate through the auction service, and it is expected that various and reasonable real estate transactions can be made through the online competitive bidding auction method. .
Currently, there are two types of domestic auctions: court auctions and public auctions by the Korea Asset Management Corporation (KAMCO). In case of arrears of tax, a short sale is made by Camco, and the auction is conducted by the court in accordance with the Civil Execution Act. Both are run by public institutions. In contrast, there is a method in which ordinary individuals trade real estate through competitive bidding, which is called private auction.
Next Ivy’s private auction platform’Auction Night’ is the first private auction attempted online in Korea. While the private auction market has not yet started properly in Korea, more than 30% of the auction market in the United States is traded through private auctions. The state systematically guarantees a one-stop way to process items from promotion to registration when you request products from online auction companies. In New Zealand, more than 30% are traded through private auctions. In China, more than 490,000 real estate was exhibited in Internet auctions over the past year, and private auction platforms are playing an important role in reducing banks’ bad debts.
‘Auction Night’ operator NeXT Ivy predicts that the private auction market will expand explosively in Korea. Currently, vacancy in major commercial malls is increasing due to Corona 19 in Korea, and the rate of increase in banks’ bad debts is also rising rapidly. Accordingly, real estate and quick sales are expected to increase rapidly. Demand for online private auction platforms such as’Auction Night’ is expected to increase more and more.
‘Auction Night’ is expected to be able to expand new areas with high-sensitivity and satisfaction services such as time reduction and cost reduction for market participants using an online auction platform. To this end, NextIB is promoting a three-stage business plan: ▲Introduction and activation of an auction method of online brokerage service ▲Expansion of products handled in auctions such as quick sale, possession rights, and non-performing loans (NPL) ▲Digitalization of court auctions.
In addition, unlike offline auctions,’Auction Night’ introduced blockchain technology to increase reliability as it is conducted online. An official of Next Ivy said, “In the case of online auction, there is no possibility of forgery of bidding data, but it is a service that can be implemented.” “Auction uses blockchain technology to prevent data forgery, so that participants can trust and participate in the auction. “He emphasized.
Currently, Next Ivy is operating a separate blockchain development team and strengthening the safety of auctions. In the’Auction Night’ platform, the bids of the auction participants are encrypted and recorded on the blockchain network. After the bidding deadline, the encrypted value recorded in the blockchain network is decrypted to compare prices and select a successful bidder. In this case, it is possible to check whether the announced successful bid price is the same as the value recorded in the blockchain. In addition, this makes it possible to verify whether or not the data has been manipulated.
In commemoration of the official service of’Auction Night’, Next Ivy is selling 753.83 pyeong of land in 85-3, Bongam-ri, Eunhyeon-myeon, Yangju-si, Gyeonggi-do, and proceeds with an auction at half price compared to the official land price. It is explained that the product is a cheaper farmland with an appraised value and publicly announced land, and is suitable for use in an inexpensive half-price farmland and farmland pension in the future.
In addition to this, Next Ivy is holding a gold key event auction to commemorate the launch of the’Auction Night’ service. The bidding date is from the 12th (Fri) to the 14th (Sun), and an auction is held with a starting price of 10,000 won for a 24k gold key (3.75g). Currently, the price of a gold key is around 340,000 won, and Next Ivy plans to deliver the winning bid for the event as a donation. Anyone can participate in the golden key auction without depositing a separate deposit.
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