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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.
How The BrikBit Platform Pushes The Limits
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.
The foundations of the revolution
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:
- BrikBit Social Professional Network: Meant for a peer-to-peer community in which users create a digital profile and generate direct connections with other real estate community members and grant viability to their projects.
- BrikBit Digital Shares: In the concept of smart properties, users take a physical asset (building, house, etc.) and provide it with liquidity in token form (REDA), which can be interchangeable. By using the smart contracts to establish the conditions of the exchange, the identity of the client receives verification, and a certificate of ownership is issued.
- BrikBit Social Market: Through user requests, the members with less experience in the blockchain approach receive orientation services regarding operation and audits on their projects to ensure their success within the digital ecosystem.
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.
What are the main highlights of this new business approach?
- Disintermediation. The process of buying and selling traditional buildings requires very complex structures (authorities, notaries, lawyers) that add a lot of friction in the operations. In this new process provided by BrikBit the digital asset is transferred - immediately and without cost -, managing to change ownership of any property, in addition to promulgating new alliances for developing features and projects.
- Fraud prevention. To the extent that each asset is linked to a digital file within the BrikBit system, it becomes virtually impossible to commit fraud. Because each transaction is recorded in the entire chain; each chain advances helps to strengthen the security.
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.