Blockchain-Enabled Hybrid Auction System for State-Owned Tangible Assets

Centralized online auctions for state-owned tangible assets suffer from human intervention, high fees, and opaque bid handling. We design and field-test a blockchain-enabled hybrid architecture that records bids, audit logs, and asset transfers on-chain while maintaining off-chain Know-Your-Customer (KYC), deposit, and appraisal workflows required by Vietnam’s 2016 Law on Prop- erty Auction. A prototype on Binance Smart Chain(BSC) supported government auctions with a median 100 qualified bids each, confirmed within 7.5 seconds and at 84.9 % lower operating cost than the incumbent web platform. All respondents (n = 78) perceived the new process as fair and transparent. These results provide the first empirical evidence that a regulatory-aware hybrid design can meet both legal and transparency requirements for public-sector disposals, and they offer a replicable blueprint for other high-value asset auctions.