Whether it be healthcare, pharmaceutical, fintech or food, blockchain is changing industries worldwide. Real estate is another industry that can now be added to that list. Each year, new real estate companies are discovering ways to integrate blockchain into their current systems, saving both time and money for real estate agents and homebuyers across the globe. Below are 12 use cases for blockchain in real estate.
#1 Midasium Offered to Secure Property Transactions
Midasium, self-proclaimed as ‘The Blockchain of Real Estate,’ hoped to ease investors’ fears with a blockchain strictly dedicated to real estate investments.
Midasium was set to build a global blockchain with the ability to track property transactions in real time. By using this technology, the company was to stop fraud, corruption, and financial instability in the real estate market.
Project status: Although Midasium announced their blockchain in 2015, any information regarding the project seems to have stopped around 2016. So, it is highly likely that this blockchain endeavour failed.
Sources: Midasium Website
#2 Bloqhouse Puts Property Investments on Blockchain
Bloqhouse hosts a blockchain platform that can be utilized by real estate fund managers to digitize bonds, shares, or certificates for liquidity purposes. It allows companies to sell shares of a company, and manage the investments of their customers. The Bloqhouse platform can also be used to manage share purchases of works of art.
Project status: The project is currently operating, and a demo can be requested from the Bloqhouse website.
Sources: Bloqhouse use case
#3 Lantmateriet and ChromaWay Team Up to Streamline Home Purchases
Lantmateriet, the land ownership authority of Sweden, paired with blockchain startup ChromaWay, to develop the first blockchain-based property transaction. ChromaWay began in 2014, and hosts a variety of blockchain applications on their website. Their platform testing first occurred in 2016, with the first sale happening in 2018.
Lantmateriet managed to reduce the time it takes for the sale of a home that usually takes from three to six months, down to a matter of hours. The best part is that the buyer and seller do not have to be located in Sweden in order for a transaction to be processed. Although ChromaWay and Lantmateriet were able to conduct the sale of a home, the project is still in development with an expected release date sometime in 2019.
Company: Lantmateriet, ChromaWay
Project status: The project is still in its development stages. However, ChromaWay in conjunction with Lantmateriet hopes to deploy a working platform in 2019.
Sources: ChromaWay use case
#4 The Republic of Georgia and Bitfury Use the Bitcoin Blockchain for Land Titles
The Republic of Georgia became the first national government to use blockchain technology to conduct land title registrations. The country relied on Bitfury’s blockchain platform to perform the first transaction of its kind.
Eventually, the Republic of Georgia hopes to expand the service to include the purchase and sale of land titles, demolition of property, rentals, mortgages, notary services and the registration of new land titles. It is one of many countries now looking into blockchain technology to streamline government responsibilities related to real estate.
Entities: The Republic of Georgia, Bitfury
Project status: Although the sale was conducted in 2017, the Republic of Georgia is still working with Bitfury in order to develop the project further.
Sources: Forbes article on land title sale
#5 Ubitquity Partners with Brazil’s Real Estate Registry Office
American startup Ubitquity has partnered with Brazil’s Real Estate Registry Office to increase the security of real estate ownership in the country. They currently offer a blockchain-as-a-service catered to real estate. The idea is to upload real estate ownership onto a blockchain in order to ensure ownership in a secure and immutable manner.
Ubitquity offers a variety of blockchain services suited to the real estate industry. Given Brazil’s high rate of fraud in this domain, it has become a necessary service in the country.
Project status: The project with the Brazil Real Estate Registry Office has been completed. Ubitquity offers a variety of its blockchain services, as well as a variety of demos which can be found on their website.
Sources: Ubitquity case study report
#6 Rentberry Making Rental Management Easier
Rentberry uses a decentralized ledger to make finding and renting an apartment easier. It allows tenants to find apartments and even pay their rental fees online. Through the service, tenants can request maintenance, provide credit reports to landlords along with other features. Landlords can use the service to promote rentals they manage and to communicate with tenants in a secure and convenient manner.
Project status: Rentberry currently offers its services in 48 countries. Landlords can post rentals, and prospective tenants can search for new apartments through Rentberry’s website.
Sources: Rentberry article
#7 ATLANT Aims to Tokenize Real Estate
ATLANT has developed their own self-named platform for the tokenization of real estate. Similar to Initial Coin Offerings (ICOs), ATLANT intends to subdivide pieces of real estate and list Public Token Offerings (PTOs) on a variety of exchanges. This would ease the transfer of ownership and simplify fractional holdings.
Project status: The project is completed, investors interested in the ATLANT platform can participate in PTO offerings through the ATLANT website.
Sources: ATLANT trading platform
#8 Imbrex Makes Buying and Selling Homes Easier
Similar to Rentberry, Imbrex provides a search engine that can be used by both real estate agents and future home buyers. The platform allows agents to list homes, and potential buyers to search for homes. All information is uploaded to the company’s private blockchain platform. Imbrex also allows agents and buyers to communicate directly, making the whole process faster and easier.
Project status: Imbrex has completed the project for residential home purchases. At the moment, they are attempting to expand their service in order to include commercial buildings as well.
Sources: Imbrex blog
#9 Propy Makes Finding New Homes a Breeze
Propy is another real estate search engine. It connects real estate agents and buyers, by effect streamlining the purchase of new homes. It differs from Imbrex in that it helps home buyers to request what they are looking for, so that the sellers can attempt to fulfil their wishes.
Propy is a worldwide blockchain with listings located in China, the US, the UK, India, and various other countries. Here, blockchain allows to secure the data storage and exchange on the platform.
Project status: Propy is currently complete, with new homes being added to the service regularly.
Sources: Propy blog
#10 Brickblock Provides Investment Opportunities for All
Brickblock’s main functions come in two forms. One is for potential investors, and the second is for companies to raise capital. Brickblock’s blockchain allows its users to raise capital and invest from anywhere in the world. It has been featured on a variety of media sources, such as Forbes and German media corporation Immobilien Zeitung.
Real estate is one of the most profitable investment opportunities worldwide but is often time-consuming due to a large amount of paperwork involved. By placing both investment and capital raising opportunities on the blockchain, Brickblock is saving investors both time and money.
Project status: The project is currently completed. Both investors and those trying to raise capital can use Brickblock’s services through their website.
Sources: Brickblock blog
#11 Indiegogo Makes Investing in Real Estate Even Easier
Indiegogo is a crowdfunding turned blockchain business which allows people to raise capital to build new buildings for business, as well as crowdfunding for a slew of other projects.
At the moment, the company is offering a variety of tokens which can be purchased to invest in the building of the Aspen hotel. The main difference between Brickblock and Indiegogo is that Indiegogo’s tokens are asset-backed, meaning they are much more secure compared to bitcoin, for example.
Project status: Indiegogo is currently up and running. It gives users the chance to invest in new products, as well as raise capital for all sorts of items from tech to real estate.
Sources: Article about Indiegogo
#12 iHouse Set to Revolutionize Real Estate
iHouse is a global real estate cloud platform. Through its smart contracts, real estate can be split and offered to investors. This way investors can invest both small and large amounts of money, knowing their investment is being kept safe on the blockchain. iHouse believes that by 2020 they will be used within the top ten countries worldwide.
At the moment they are offering an ICO in order to fund further development of their platform. John McAfee, the founder of McAfee security systems, is one of the company’s expert advisors, so it can be assumed that iHouse will go far.
Project status: iHouse is currently offering an ICO; investors can find information concerning the iHouse coin offering through the company’s website.
Sources: iHome press releases
As shown above, blockchain is providing new ways to buy and invest in real estate. Whether it be through partial investments offered through Brickblock, rentals through Rentberry, or full home purchases through ATLANT, it is obvious that blockchain and real estate go hand in hand.
Although some of these companies are still in development, they are expected to release their products within the next few years. With blockchain, home buying and selling are becoming a more secure, immutable, faster and cheaper process.
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