The blockchain is the buzzword in the business world thanks to its potential application when it comes to making digital transactions. Conceived in 2008, Blockchain acts as a database that chronologically and securely records all transactions through a network shared among peers. The chain of operations can be verified for its members, making security, transparency, and collaboration at the core.
However, beyond the common technology’s take of articles like Forbes’ Nine Things To Keep In Mind About Blockchain In Real Estate, in this particular entry, we’ll talk about the brilliant projects that apply it to create unique business opportunities by giving a new set of values to world industries, such as the example of BrikBit and its next launch of a virtual environment for the real estate industry.
To enter the real estate market has always been difficult, confusing and expensive because of the steps necessary to build, renovate or commercialize (buy/sell) a property are entirely fragmented; where only a few actors are allowed. In this way, the real estate brokers, owners and escrow firms that don’t belong to the select groups with large budgets get restrained from increasing their profits or acquiring a position in the industry by themselves.
The BrikBit company has unified the potential to create, authenticate and audit contracts in real time, all over the world and without the intervention of an intermediary institution, with a comprehensive platform that breaks traditional boundaries of a real estate industry that until now has refused to evolve.
With a system built from a native program- being a pioneer in using the Lisk protocol as a reference, one of the current top cryptocurrencies – BrikBit offers the general tokenization of the business processes, divided into three combined parallel stages:
Collectively, these engines will work using a fungible local currency called BRIK. By using BRIK, the actors will be able to carry out real estate business transactions without the need to convert fiat currencies or to mind about international restrictions. Besides, BRIK will grant them access to various tools derived from the platform, including mobile modalities.
In conclusion, the distributed ledger technology increasingly adds more application areas beyond the mere currency exchange. Specifically, in the field of real estate, the potential is there to be exploited and effectively reshape the way in which businesses are done between the parts and even how the whole market flows.
If you want to join the BrikBit Initial Coin Offer, the official launch date is on October 18th, 2018. Also, to find out about the project’s updates and extra information, take a look at more stories on Medium.