One should always keep an eye out when buying and selling real estate. Real estate transactions can become a nightmare rather than a pleasurable experience due to risks associated with buying and selling real estate, including fraud, human errors in paperwork, sluggish processing times, bureaucracy, and opaque transactions. The implementation of blockchain technology in the real estate sector is something startup owners are considering doing to address these problems. We chose nine companies that are building blockchain platforms in the real estate industry and ranked them based on the following factors: availability of a live product/beta/MVP, money raised, stage of the roadmap, and scalability. This will allow us to demonstrate the most prevalent use cases of blockchain real estate companies.
Having a decentralized title registry, Propy is a global real estate marketplace. To place the global real estate industry on the blockchain, Propy ICO raised $15 million in its PRO Token Sale in September 2017. They worked along with the Ukrainian government in August 2017 to make it possible for foreign investors to purchase real estate using blockchain. To help overseas buyers buy real estate on the blockchain internet, Propy also collaborated with a Chinese real estate services provider.
Propy currently enables users to look for properties in their local language in San Francisco, Dubai, Beijing, New York, Moscow, Los Angeles, Miami, and London. Buyers can learn more about the characteristics and location of each property on its page, as well as make contact with the owner. Customers can use bitcoins to pay for the property.
This blockchain real estate’s goal is to convert difficult-to-trade assets like real estate and private equity into tokenized securities that adhere to Securities and Exchange Commission (SEC) rules. AML (Anti-Money Laundering) and KYC (Know Your Customer) checks are two compliance checks that Harbor assists with when working with investors. To digitalize tangible real estate assets, the network uses Regulated Tokens (R-Tokens). Non-accredited investors are not permitted to purchase R-Tokens from accredited investors. Such a strategy aids in the avoidance of possible fraudulent transactions. Reselling tokenized securities is the startup’s most outstanding characteristic. The corporation can enhance trading with such tokenization. Based on Ethereum’s ERC20 technical framework, the R-Token is theoretically tradeable on any cryptocurrency market that accepts such tokens. This summer, Harbor intends to work with a client to develop its first securities token.
Solulab is a blockchain-based platform for real estate transactions that can be integrated with any real estate website. Solulab includes a Web application with a dashboard and widgets that the buyers and buyer agents can instantly submit offers from any online real estate listing. With multiple blockchain technologies and excellent features like smart contracts, Each transaction participant can get notifications in the offer process and instantly chat with one another via a user-friendly interface according to established protocol.
Trusted by Waterton, The Corcoran Group, Freeman Webb, Global Switch, Lessen, Orchard, Qualia, and many more. Also, the company is one of the Top Blockchain development companies by Goodfirms, Clutch, and Gartner in 2020/2021
SoluLab is a leading Blockchain, AI, & IoT solutions provider company, started by the former VP of Goldman Sachs and former principal software architect of Citrix. It is worth mentioning that Solulab ranked 33rd on Deloitte’s 2020 Technology Fast 500™ list.
For the purpose of maintaining real estate records, Ubitquity is a SaaS blockchain platform and API. By using the blockchain, the platform enables users to record papers and enter property data. The Ubitquity platform + API offers a solution that permits the simultaneous recording and tracking of an existing legacy document and a new digital document.
The business, which was established in 2015, already has a clientele and a track record of success.
Read more: What is the Future of Crypto Real Estate?
BitRent is the first blockchain-based real estate platform that brings together investors from all over the world and property developers to raise capital during the early phases of development. Small investments can be made and protected by being registered in the decentralized registry. Along with having its coin, the RNTB token, BitRent also permits real estate transactions through smart contracts. The system operates as follows:
- All important construction elements contain RFID tags.
- The embedded tags are grouped by BitRent software.
- The blockchain is real estate that receives the data from RFID tags.
- The construction progress can be followed thanks to smart contracts, which track the signals from RFID tags.
- An RNTB token payment transaction is started when a smart contract for each kind of construction task is fulfilled.
Real estate firms can design and offer tokenized real estate investment packages straight on their websites thanks to Blocksquare. The tokenization methodology used by Blocksquare enables the sale of real estate assets to a maximum of 100 customers. Here’s how it all goes:
- A crucial real estate item is linked to the so-called PropToken smart contracts via the blockchain-based protocol developed by Blocksquare using data from land registry systems.
- Each asset’s rules and regulations are specified by the PropToken smart contract, which also safely controls ownership.
- While the generated rent is paid in BST tokens, PropTokens are provided in return for ETH.
- Customers of Blocksquare can use their decentralized exchange at any moment to buy or sell PropTokens.
Averspace is the first C2C (consumer-to-consumer) blockchain real estate startup in Singapore. It is a platform that connects landlords and property owners directly with purchasers or tenants for transactions involving the purchasing, selling, or renting of real estate without the use of brokers. The operations of Averspace are as follows:
- On the platform, the owner lists their property.
- The owner can be contacted through online chat if there are any interested tenants or buyers.
- An online lease is signed by the owner and the purchaser or tenant.
- Digital signatures are used by both parties to sign the contract.
- A secure monthly deposit for the property is paid by the tenant.
- The owner gives the buyer or tenant possession of the property.
The platform also offers a user-friendly smartphone app. The creators of Averspace also work on Real Estate Doc, a cloud-based enterprise project that provides real estate firms with document management, digital signing, payments, and analytics capabilities.
Tokenized ownership and peer-to-peer rents are the two main features of ATLANT, an international blockchain network for real estate. The website for ATLANT describes tokenization within the platform as follows:
- ATLANT receives the property information from the owner.
- ATLANT checks to see if the property satisfies the listing criteria.
- A lawyer or other owner representative verifies that the property is in good condition and is free of debt on the owner’s end.
- The real estate asset is tokenized via ATLANT, creating a direct correlation between the number of tokens and the overall value of the asset.
- ATLANT sets the Property Token Offering (PTO) on its trading platform and creates unique tokens for the property owner. The tokens are available for purchase by investors all over the world, giving them partial ownership of the asset until it is completely funded.
- The owner receives the payment equivalent in the chosen coin.
The blockchain-based ecosystem BrikBit creates and oversees all activities in the real estate sector. All shareholders within this ecosystem stand to gain from blockchain technology. Depending on the nation and current legal framework, each real estate object will have a unique blockchain with specific laws and features. The following use cases will be covered by BrikBit, even if it is currently in the real estate ICO stage:
- Opportunity for real estate investments by construction workers
- Possibility for buyers to purchase a home using a mortgage and pay for it over time in small payments
- Possibility to crowdfund the costs of property renovation.
Here is our final opinion on the decision to use digital research to study the housing market in 2022. If you’ve been thinking about engaging in this kind of digital real estate transaction, you need to first comprehend what blockchains are and how they operate. All the data relating to real estate transactions are intended to be stored in these databases. This industry is booming, and the number of businesses using the blockchain to transact in real estate is also growing. The list will continue to grow, but we’ve included the top nine that offer distinct services to issuers and real estate investors. It is important to keep in mind that blockchain real estate is safe. There is no chance that someone will delete or alter your information because it is saved permanently. If you are interested in purchasing an investment property and, at the same time, making use of blockchain networks, you should consider using Solulab’s own white label real estate tokenization platform.