Are you making your own instrument for an easy blind reverse auction?
The concept of the blind reverse auction doesn't change. It is however conducted on our platform with added benefits for both sides (buyer, seller), which makes it transparent and risk-free for the users. And in order to ensure that, it has to be paid with PAN tokens.
Here is an example of a blind reverse auction on Procurean network:
The buyer is buying ball bearings which represent a low priority sourcing event for
the company and is currently not optimized. It sets up a blind reverse auction—
public—and defines the criteria and the maximum price it is willing to pay for the
ball bearings—10 USD per ball bearing. No bid can be accepted above this price.
The Procurean network automatically discovers all the sellers that have the ball
bearings in stock and match the required criteria. Sellers join the auction and place
bids. Each bid is paid with PAN tokens and the tokens are locked into the smart
contract until the end of the inquiry.
The lowest—winning—bid is 6.35 USD per ball bearing. The seller with the winning
bid can now follow through with delivery and payment. The seller and the buyer
exchange an evaluation at the end of the delivery and payment phase.
