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Use of BlockChain technology to optimise bids from vendors Disclosure Number: IPCOM000248870D
Publication Date: 2017-Jan-19
Document File: 2 page(s) / 42K

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The Prior Art Database


Using block chain technology to solicit bids from vendors in a secure manner for a service where the bids are deemed reliable and independent. This can provide a reliable and trusted method to acquire a range of bids for a service.

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Use of BlockChain technology to optimise bids from vendorsLet us take, for example, a user attempting to buy a value of a certain currency. There are multiple stores that offer currency exchange. In order for someone to get the best price they would have to go and search over multiple stores comparing prices. Even with a possible third party providing an aggregation service the user would still have to go to the vendor themselves to do the final transaction. This invention addresses this by providing a system which handles the additional complexities of a marketplace.This invention posits the use of a blockchain for a user to optimise bids from different vendors. Users will advertise a desire for a service or resource, vendors which can supply the service or resource will make an offer to the user. The user then will accept one of the offers. Each of these steps are stored in the blockchain creating a trusted, publically verifiable record of each step of the transaction.When a user of this system would like to requisition a service or resource (henceforth referred to simply as a service) they will advertise an invitation to treat to vendors that provide that service with an expiry timestamp.Vendors which are positioned to satisfy the requirements of the service (by virtue of being part of the given ‘channel’) can then make an automated offer to the user taking into account any restrictions the user may have placed on the offer. These offers will take the form of a blockcha...