BrikBit Plans To Push The Limits Of Real Estate Industry With Blockchain
In our ever-increasing dynamic world, the blockchain craze seems to have found plenty of uses as a one-fits-all solution for many sectors, real-estate industry included.
While the real estate industry relies on multiple players, the network of relationships is often full of mistrust, legal struggles, various fees and worse of all is the level of fraud. Fortunately, the BrikBit venture plans to globalize and digitize our real-estate services by using blockchain technology to establish a real value of the properties.
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.
BrikBit offers the general tokenization of the business processes, divided into three connected 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.
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.
Benefits Of BrikBit
- 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.
To conclude, the distributed ledger technology increasingly adds more application areas beyond the mere currency exchange. Particularly, 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 moves.
The company is conducting an ICO on 18th October 2018. To find out about the project’s updates and extra information visit https://brikbit.io/ .