Security News > 2021 > June > Can blockchain and MPC technology protect the integrity of auctions?

The blockchain ecosystem has established a strong use case for new auction solutions and the answer lies in strengthening the legitimacy of digital auctions.

The integration of blockchain technology into the auction process offers a unique digital infrastructure for trading.

By combining MPC with blockchain technology, parties are provided with transparency about the trading rules and the participants in the auction, a decentralized and enforceable execution of the result of an auction, and automation which allows for more frequent use of auctions.

The guaranteed and automated execution provided by blockchain technologies strengthens the legitimacy of auctions by preventing external interference with trading rules and by leveraging the playing field among participants.

The development of an advanced infrastructure that utilizes MPC and blockchain technology could prove instrumental in improving advanced markets, but it may also add value to the simpler use of auctions.

By combining MPC technology with blockchain, our industry can glean the benefits of an infrastructure that replaces the auctioneer both as coordinator and as trustee, while building on the transparency and trust of auctions.

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