How Real Estate Chain plans to Revolutionize the Real Estate Ecosystem.
Bitcoin has rapidly exploded into the public’s eye in recent years. Especially in South Korea. This has lead to an ever-growing amount of projects surrounding the potential held in its underlying technology – blockchain. An immutable ledger free from the potential of tampering and distributed among all of its holders. Real estate is an industry that is set for disruptive innovation and is worth over $217 trillion globally. Therefore real estate in Korea will also be impacted by these innovations.
Many people own or rent properties. However, they rarely have custody or control over the information associated with them – photos, floor plans, property data, historical data, inspections, 3D models, etc. This is very evident in South Korea where you can’t walk a block without seeing a real estate company in Seoul.
We are moving to a digital world. Therefore envision a digital world that more closely mirrors the physical world. In this world, information related to a property is owned by the property owners. They then choose to give access to agents, professionals, renters, businesses, and applications that add direct value to their lives. Validated users, high-quality information, decentralized control, trustlessness, and security are the pillars of this world that Real Estate Chain is building.
The Real Estate Market is Broken
Real estate is broken due to the custody of data problem. Real estate information is fragmented and unrefined globally with no uniform data standards. Various groups control and gate access to subsets of real estate information with no international bridges. People frequently make under-informed decisions with increased risk when it comes to properties. As a result of the above, the economy suffers, and consumer experience isn’t what it should be in 2018 especially compared to other industries.
We are in the middle of a movement from Web 2.0 private data monopolies and abuse to Web 3.0 user-owned data structures with open marketplaces for information. Control and power are taken out of the hands of centralized private parties. Real Estate Chain is creating an alternative to these disparate global information systems by aligning incentives and enabling professionals to provide value to those who the industry is meant to serve.
The Real Estate Chain Protocol
Real Estate Chain (REC) is a Web 3.0 network comprised of digital real estate information. As well as people that aim to surpass in-person experiences of physical properties, creating a new paradigm of how people interact with real estate assets.
REC allows high-quality real estate digital information to be appropriately created, given permission and transferred on the blockchain. This is the necessary infrastructure that will enable the real estate ecosystem of the future. By connecting valuable real estate information and people. Furthermore, REC will utilize the latest innovations in decentralization, enabling developers, agents, buyers, and investors, property owners, data contributors, and others to work more effectively together, stay organized, and make more intelligent decisions.
Real Estate Chain’s blockchain-based distributed ledger of globally standardized information will enable property owners to take control of their information for their own benefit. Third parties with permission will be able to supplement this. Also service providers and vendors will have nuanced marketing capabilities. Real Estate Chain hopes Korea joins them in making this possible.