Popular domain marketplace Undeveloped.com announced a major transformation today. The Amsterdam-based company has adopted a new name - DAN.COM - to match an innovative new blockchain-powered Domain Automation Network (built in partnership with IBM) that was also unveiled for the first time.

Their press release said, "The Domain Automation Network solves the most significant problems in the domain industry by creating a new backend infrastructure to handle both

...is now

simple and complex domain transactions and transfers, fully automated and transparently powered by blockchain. The domain industry nowadays finds itself in a very outdated and inefficient state. It suffers from complicated workarounds which make it inefficient. Usable and available registered domains are hard to find and have become too expensive."

It continued, "We created a platform where making a change of control and ownership of digital brands is easier, safer and instant. The use of blockchain technology makes it possible to automate processes required to provide trust-less domain transfers, also referred to as escrow. Escrow automation also makes it possible to introduce new domain purchase and use models like renting domains, lease to own, fractional domain ownership and domain exchange in a scalable and frictionless way."

The release also noted, "There are 334 million registered domains, of which 147 million are unused! The average price on the secondary market for a domain is €2,759 ($3,093) which means there are €405 billion illiquid assets. Time for disruption, and that's what DAN.COM will bring to the table."

You can read a more detailed description of the service in an in-depth article that the company published on Medium.com in conjunction with today's announcement.