Remote Auction System Real-Time Bid Processing
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Solution Overview
Problem
Conventional auctions of valuable or unique items face challenges in achieving scale and reach due to the difficulty of transporting equipment and participants, leading to inefficient and costly processes, especially for luxury or specialized goods.
Innovation Solution
An interactive remote auction system that allows participants at geographically distant locations to bid in real-time through a communication network, using data input devices and display devices, enabling bid processing and feedback without the need for physical presence at the auction site.
Engineering Contradictions & Design Principles
Engineering Contradiction Analysis
1Ease of operation
If conventional auctions require physical presence at the auction site, then live auction elements and buyer engagement are maintained, but transportation costs and geographic limitations increase
Solution Approach 1:
The patent creates a virtual copy of the auction experience through remote bidder systems that replicate the live auction environment. Remote bidders use data input devices to place bids and display devices to view auction items and receive feedback, effectively copying the physical auction experience without requiring physical presence. This resolves the contradiction by maintaining buyer engagement while eliminating transportation costs.
Solution Approach 2:
The auction system serves as an intermediary between the auctioneer and remote bidders, facilitating real-time communication and bid processing through a communication network. This intermediary enables live auction elements to be maintained while allowing participants to remain at their remote locations, thus reducing transportation costs while preserving buyer engagement.
2Adaptability or versatility
If conventional auctions are held at a single location, then live auction atmosphere is maintained, but reach and scale are limited
Solution Approach 1:
The auction system is designed to serve multiple functions: it can accommodate both in-person and remote bidders simultaneously, process bids from various locations, and maintain the live auction atmosphere while expanding geographic reach. The system's multi-functionality allows it to adapt to different auction formats and participant types, thereby increasing versatility without proportionally increasing complexity.
Solution Approach 2:
The patent adds a spatial dimension to the auction by enabling remote participation through communication networks. Instead of limiting the auction to a single physical location, the system creates a virtual dimension where bidders can participate from anywhere in the world. This dimensional expansion significantly increases auction reach while the modular system design keeps complexity manageable.
3Productivity
If remote bidding is implemented, then geographic reach is increased, but real-time bid processing and synchronization become more difficult
Solution Approach 1:
The system implements real-time feedback mechanisms where remote bidders receive immediate confirmation of their bids and updates on the current auction status through display devices. The auction system processes bids in real-time and provides feedback to all participants, ensuring synchronization without delaying the auction pace. This feedback loop maintains productivity by enabling large-scale participation while minimizing bid processing time through automated real-time communication.
Data Source
AI summary
A system for conducting interactive auctions with remote bidders is provided. The system includes an auction system operable to maintain information related to a subject of an auction and a remote bidder system in communication with the auction system. The remote bidder system is operable to communicate a bid including bid information to the auction system based on a price for the subject of the auction. The auction system uses at least a portion of the bid information to accept the bid where the price for the subject of the auction is the same when the bid is processed by the auction system and to reject the bid where the price for the subject of the auction has changed when the bid is processed by the auction system.