Blockchain Powered Escrow Platform, Reasi Closes First Real Estate Deal
No slowing down with blockchain technology as Reasi, a blockchain powered real estate transaction management platform with integrated escrow, has facilitated a property sale that opened and closed within three days.
The transaction leveraged all aspects of Reasi's streamlined and secure process, from document generation to seamless online escrow.
The property buyer, Paul K hinted that he had not purchased a property completely online before. Paul who now owns a property in Redman, California said, “It's truly amazing. I've wished for something convenient like Reasi for years, and it's finally here”.
On May 30, 2018 at 12:16 p.m., Paul put an offer on a vacant land property through Reasi. Three days later, the property deed was signed, notarized, and transferred under his ownership. He used Ethereum to purchase the land, a cryptocurrency with the second highest market capitalization in the world. Now Paul, at any time, can easily look up his permanent records from both Reasi and Etherscan, an online search engine for the Ethereum Blockchain.
Reasi And The Power Of Blockchain
A blockchain is a digital ledger that stores blocks of data, all linked together chronologically.
Blocks are encrypted, which means the information is securely stored. And since information on the blockchain is permanent, it leaves behind a publicly-auditable data trail. These two features combined (security and immutability) are able to alleviate many of the pain points in real estate transactions today. It encourages users to join in on a network and collaborate, which reduces communication confusion and potential for fraud.
Reasi's smart contracts are at the core of the company's escrow functionality. With smart contracts, Reasi enables parties to securely hold and verify funds until all steps of a transaction workflow are completed. Once all documents are signed and agreements are settled, contracts will self-execute and disperse the funds to the appropriate parties. Everyone gains immediate visibility into both the process and the funds. As a result, Reasi is able to save time and eliminate escrow costs for its users.
Moving forward, Reasi's team is set to achieve even bigger milestones in the months to come. “Next on our roadmap, we're looking to offer a cash solution to our current crypto platform,” said Mike McGranahan, Reasi's CTO. “We want to engage a wider customer base, so this next step will be crucial to helping us offer greater liquidity to our users.”