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Under the Instruction Lanxess India Pvt. Ltd GTIN: 24AACCB3880A1Z7EAuction for the sale of Annual Contract (201920) of Scrap Materials lying at Acadia Plant Auction on 20th June 2019 Between 11:30

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How to fill out a blockchain-based sealed-bid e-auction

01

Step 1: Set up a blockchain network for the e-auction participants to securely submit their bids.

02

Step 2: Establish smart contracts that automate the bidding process and ensure transparency.

03

Step 3: Create private keys for each participant to access and submit their sealed bids.

04

Step 4: Provide instructions on how to encrypt and submit bids securely on the blockchain.

05

Step 5: Set a deadline for bid submissions and ensure that they are sealed until the auction ends.

06

Step 6: Use the blockchain to reveal the winning bid and settle the transaction securely.

Who needs a blockchain-based sealed-bid e-auction?

01

Government agencies conducting procurement to ensure fairness and transparency in bid selection process.

02

Companies looking to streamline their procurement process and reduce the risk of bid tampering or manipulation.

03

Organizations in industries like real estate, art auctions, or rare collectibles where authenticity and provenance are crucial.

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What is a blockchain-based sealed-bid e-auction?

A blockchain-based sealed-bid e-auction is an electronic auction where participants submit their bids privately and securely through a blockchain technology.

Who is required to file a blockchain-based sealed-bid e-auction?

Any individual or organization interested in participating in the auction and meeting the eligibility criteria set by the auction organizer.

How to fill out a blockchain-based sealed-bid e-auction?

Participants can fill out a blockchain-based sealed-bid e-auction by accessing the designated platform, registering their credentials, submitting bids according to the guidelines, and confirming their submission.

What is the purpose of a blockchain-based sealed-bid e-auction?

The purpose of a blockchain-based sealed-bid e-auction is to streamline the bidding process, promote transparency, ensure data integrity, and enhance security in auction transactions.

What information must be reported on a blockchain-based sealed-bid e-auction?

Participants must report their bid amount, relevant personal or organizational details, any supporting documents, and acknowledgment of terms and conditions specified by the auction organizer.

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