Auction System

Straight Auction System is a trading mode that is most popular among farmers since they can understand it the best.

General System Properties:

  1. Real time
  2. Networked Markets exchanging spot prices
  3. Trade online via internet

Mode: Straight Auction

  1. Sellers bring commodities to the marketplace.
  2. Market sorts classify and weigh the commodities.
  3. Market sets auction time start and end time.
  4. Sellers set minimum price for the auction.
  5. Buyers can submit bids until the time runs out.
  6. Highest bidder win.