http://www.costar.co.uk/en/assets/news/2018/October/clicktopurchase-cpmpletes-AI-auction-Blockchain-first/

clicktopurchase® has completed what it claims is the first property sale completed by an Artificial Intelligence auctioneer, with the process incorporating Blockchain technology.

The property was a house in Sweeney’s Terrace, Dublin being sold by agency Allen & Jacobs. It was offered with a guide price of €250,000. Following competitive online bidding, monitored by “gAbI”, the property sold by way of clicktopurchase® auction for €345,000.

Explaining the process clicktopurchase® said: "Artificial Intelligence auctioneering by clicktopurchase® emulates the old-fashioned ballroom experience but in a modern online manner. Bidders interact with the auctioneer in real time, see other bids and comments from the auctioneer, and react accordingly. The Artificial Intelligence Auctioneer, “gAbI”, controls the bidding, encourages offers, and closes the sale when appropriate. Human error or manipulation cannot occur, instilling total trust in the process for all involved."

Gary Jacobs added: “Delighted with the smooth running of our auction which was operated by "gAbI", the clicktopurchase ® artificial intelligence auctioneer. From start to finish, the bidding was kept going at a good pace whilst allowing ample time for the bidders in the room to bid. It also ensured that we had plenty of time to get all our verified bidders into the online auction room and also allowed us to be able to interact with our client during the auction. Very satisfied with the result-we will definitely use again."

Neil Singer, CEO clicktopurchase®, said: “Whilst we have established a track record as the only platform offering private treaty exchanges, it should be remembered that we also offer an auction channel. clicktopurchase® takes online auctioning to a totally different level to other bidding models by emulating the traditional bidding experience in real time, with the security of an Artificial Intelligence Auctioneer, and the ultimate in transparency of Blockchain recording the transaction."

Did this answer your question?