The real estate industry is unforgiving to hesitation, as it can result in lost opportunities, clients, and revenue. Hence, embracing emerging technologies is critical for the industry’s growth and success. Blockchain presents a significant opportunity for real estate to optimize its operations, enhance transaction security, and improve customer experience.
In our previous article on blockchain technology in real estate, we highlighted its potential benefits. Now, let’s explore some start-up companies that are spearheading the blockchain revolution in the real estate sector.
Coicio
Coicio, previously known as Propify, was one of the first to adopt blockchain technology into their systems and processes. The company was founded in Australia and has created a proprietary ecosystem of platforms that integrate with social media, search engines, and content marketing suites. Through this ecosystem, Coicio delivers targeted real estate content that is customized to the interests of consumers and vendors. By providing relevant information, Coicio aims to help its users save time and money, while making their lives easier.
Dominium
Dominium has developed a blockchain-based global platform that combines property finance, listing, and property management solutions. Their platform features standardised documentation for regulatory compliance across the international real estate market, which makes property transactions more efficient. Dominium’s multi-lingual approach broadens investment opportunities in foreign real estate and simplifies a traditionally complex process that involves a lot of paperwork.
Propy
Propy, an early player in the blockchain game, facilitated the first property purchase on a blockchain platform in 2017. Their platform is built on the Ethereum network, an open-source blockchain platform, and they focus on smart contracts. Like Dominium, Propy aims to make real estate a global proposition by offering easily accessible fractional and complete ownership opportunities for foreign investors outside of their own domestic and local markets. With around 10,000 listings for sale across Asia-Pacific, the US, Central America, and Europe, Propy offers properties ranging from small blocks of land to those valued in the hundreds of millions of dollars. The company has also partnered with several property developers in Australia, making them a company to watch as the technology continues to emerge.
ShelterZoom
ShelterZoom, a company that provides blockchain-based solutions for real estate, has partnered with view.com.au to enter the Australian market. Their pioneering product, Offer Now, enables real estate transactions to be conducted using blockchain technology. Additionally, they offer Rent Now, a widget that can be embedded on rental websites to allow secure rental offers to be submitted and generate Ethereum smart contracts. ShelterZoom’s goal is to streamline processes, reduce paperwork, and improve security in the real estate industry, resulting in faster agreements and better outcomes for consumers. The company has several other real estate-focused products in development as well.
Looking to expand your business’s understanding of blockchain technology?
Although cryptocurrency transactions are not yet widely used in the property market, the growing interest in blockchain start-ups indicates that this technology will have a significant impact on business practices in various industries worldwide. It is therefore prudent to start preparing for its widespread adoption. To aid in this preparation, institutions like the University of Technology Sydney offer short courses that use case studies to demonstrate the potential of blockchain technology and how Australian businesses can profit from its implementation.
