For centuries, auctioning has been a means of selling goods and services to the highest bidder. Its origin is traced back to 500 B.C. in Babylon whereby spoils of war were sold to those who wanted it and could pay good money for them. Right now, auctioning is still as relevant as it was back then. The world has become a global village, and the auctioning process has become more efficient with players from different ends of the globe having access to participate in auctions anywhere and at any time.
The world has also seen an explosion in the shopping scene. Online shopping has become the most popular online activity since the inception of the internet. The reason for this surge is not farfetched, accessibility to the internet is better than ever with over 54 percent of the world having access to the internet and people are more open to shopping online than doing so physically, thanks to technology.
The second-hand market is not left out of the global growth although having its specifics, companies like LetGo, OfferUp, and eBay, are making millions of dollars selling used goods, it is correct to say this market is a potential gold mine.
It is, however, unfortunate that sellers and buyers on different platforms face different risks performing faceless transactions. For instance, eBay agreed that although their system was built on the assumption their users are honest, some users find ways to be fraudulent and the management are doing a poor job forestalling these acts from occurring in the future. These issues have made a lot of people who want to sell, buy, and auction goods hesitant to transact on these platforms.
The downside of these issues hinging on fraud has made it almost impossible for most online stores to break even, According to research, there are about 24 million stores, but only about 650,000 make an annual sale of $1000 or more.
This is where Universal Auction Program comes in. It was designed to be a decentralized auction marketplace for the digital and physical goods worldwide. It has a foul proof escrow system that handles the sale of high-ticket items such as Gold, diamond, art and real estate. All legal transactions can be carried out on the Universal Auction Program platform, with the exemption of dangerous items such as weapons, illegal drugs, racist items, and so on. Thus, any item detrimental to humans, animals, and the environment are considered banned from being sold on the Universal Auction Program platform.
Another amazing perk of using the Universal Auction Program platform is its use of cryptocurrency, the blockchain and Ethereum platform in carrying out transactions. Cryptocurrency is widely accepted worldwide, and all approved goods and services can be sold or bought without additional transaction fees, cutting out go-betweens from having a percentage of the sale. It is also void of government regulations and sanctions. The Universal Auction Program offers a variety of advantages users can leverage on. Safe transactions, no transaction fees, global reach and access to the open market.
Universal Auction Program has been designed to use the Ethereum blockchain based marketplace to help execute auctions in a decentralized manner (no central point for failure and network glitches) for products and services; digital or physical. The UAP leverages on blockchain’s technology, decentralization and smart contract techniques using Ethereum’s system that hinges on high-end security and immutability meaning as soon as a transaction is sealed, all parties cannot manipulate the outcome; data cannot be changed. Therefore fraud is out of the question with the UAP system in play.
The Universal Auction Program is a platform with all the perks needed to make online auctions free of fraud and unreliability that have marred the regular system. It is safe, easy, cheaper to use and most of all a modern way to transact business.