Computer implemented method and system for updating a database system for a blockchain version control system; computer implemented methods of auctioning an item for a seller, and computer implemented method of updating a smart contract

Computer implemented method of auctioning an item for a seller, the method including the steps of:

• (i) a server providing a starting price of the item to a plurality of computer terminals in communication with the server, wherein the starting price is a standing bid;
• (ii) the server receiving a bid from a terminal of the plurality of terminals;
• (iii) the server converting the received bid into a standing bid only if the received bid exceeds the previous standing bid by a threshold;
• (iv) if the standing bid has increased, the server providing the standing bid to the plurality of computer terminals;
• (v) repeating steps (ii) to (iv) until a condition is satisfied;
• (vi) receiving payment for the item in relation to a final standing bid;
• (vii) distributing incentive payments in relation to each standing bid, except for the final standing bid, to parties respectively associated with each standing bid;
• (viii) distributing payment to the seller, which is the payment received in step (vi), minus at least the sum of the incentive payments in step (vii).

Computer implemented method of auctioning a digital item for a seller, wherein the digital item was previously purchased by the seller in a computer implemented method of auctioning the digital item, the method of this claim including the steps of:

• (i) a server receiving a bid for the digital item from a terminal of a plurality of computer terminals in communication with the server, wherein the server uses the bid as the standing bid;
• (ii) the server providing the standing bid to the plurality of computer terminals;
• (iii) the server receiving a bid from a terminal of the plurality of terminals;
• (iv) the server converting the received bid into the standing bid only if the received bid exceeds the previous standing bid by a threshold;
• (v) if the standing bid has increased, distributing an incentive payment in relation to the previous standing bid;
• (vi) if the standing bid has increased, the server providing the standing bid to the plurality of computer terminals;
• (vii) repeating steps (iii) to (vi) until a command is received from the seller to terminate the auction.