The fast emergence of blockchain technology could kill off the traditional ballroom auction

摘要

Participating in a public ballroom auction is a unique experience. It is the only place where you can exchange a contract to buy a property without signing a document - because if a bid is accepted by the auctioneer, a verbal contract is instantly formed. If you ask a vendor who failed to sell their property at auction what happened, they usually tell you that the last bid didn't reach the reserve.