The Court of Auditors of the State of São Paulo will hold Brazil’s first public auction in which every document is recorded on a blockchain in an effort to reduce legal disputes and raise the standard of transparency in public auctions.
Ten warehouses will be sold off, and every piece of documentation involved in the process will be timestamped and registered on the unidentified blockchain. The sale, reported earlier by Convergência Digital, will be conducted through auction platform Nordeste Leilões in partnership with blockchain firm InspireIP.
Brazil’s auction market has long struggled with altered documents, fake websites and inconsistent public records. The use of blockchain technology is an attempt to add a verification layer that traditional systems lack, especially in high-stakes sales.
“The verification becomes public, traceable, and independent,” Caroline Nunes, a lawyer and founder of InspireIP, told Convergência Digital. The approach turns documents into technical evidence. Each file is cryptographically sealed, and even the slightest change makes the alteration visible.
Nordeste Leilões, which reported 9.5 million reals ($1.74 million) in sales across 65 auctions this year, sees this as a path into larger urban markets.
The auction comes as the country looks to embrace wider use of digital ledger technology. Fintech firm Tanssi, for example, is starting a blockchain project to offer microloans to small-scale rural producers in São Paulo, the country’s economic center.
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