Auction Asset Status Matrix Interface for Real-Time Updates
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Solution Overview
Problem
Existing auction systems fail to provide timely and updated information about assets during live auctions, leading to uncertainty for bidders and inefficiencies in the transaction process.
Innovation Solution
A system and method that communicates with asset listing sources to generate and update lists of assets with their statuses, providing reports and a matrix interface for real-time information display, allowing users to track asset availability and states dynamically during auctions.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Loss of information
If real-time updates of asset statuses are implemented during live auctions, then information timeliness is improved, but system complexity increases
Solution Approach 1:
The patent introduces an auction management system as an intermediary component that mediates between asset listing sources and users. This system automatically retrieves, updates, and distributes asset status information, eliminating the need for users to manually check multiple sources and reducing overall system complexity while improving information timeliness
Solution Approach 2:
The system implements continuous feedback loops by periodically communicating with asset listing sources to detect status changes and automatically pushing updated information to users. This automated feedback mechanism ensures real-time information delivery without requiring complex manual intervention from users or system operators
2Reliability
If frequent communication with asset listing sources is performed, then information accuracy is improved, but communication overhead increases
Solution Approach 1:
The auction management system employs periodic communication with asset listing sources at predetermined time intervals rather than continuous communication. This periodic action maintains information accuracy by regularly updating asset statuses while significantly reducing communication overhead and resource consumption compared to continuous polling
Solution Approach 2:
The system performs preliminary communication with asset listing sources before auctions begin and continues at scheduled intervals throughout the auction. This preliminary and scheduled action ensures information is ready in advance and updated periodically, maintaining accuracy without requiring excessive real-time communication during critical auction moments
Data Source
AI summary
A method for providing information about an auction for a plurality of assets is provided. A plurality of assets that is made to be available during an auction is identified. Each of the plurality of assets includes an auction state. During the auction, a matrix interface is displayed. The matrix interface includes a plurality of entries, where each entry identifies a corresponding asset and the auction state of that asset. The auction state of one or more assets is dynamically updated during the auction.