How Profitable Is Revolutionizing The Real Estate Industry With Blockchain Technology
Each generation sees a fundamental revolution in innovation. In the 20th century, the Internet brought us closer together. The 18th century ushered in the Industrial Revolution, while the 17th century enlightened humanity through the Renaissance.
While some are understandably skeptical, many already believe that in the future people will look at this current stage of early blockchain startups and compare it to the Internet revolution of 1994, in which inventions like HTML and FTP became the most popular. cornerstones of the web as we know it today, pinning blockchain technology as one of the defining inventions of the 21st century.
Industries such as games, tech, banking and finance, sharing economies, fashion and many more are gradually starting to adopt and integrate blockchain technology to varying degrees in their infrastructure to improve productivity. or to promote the brand. While still a long way from general adoption around the world, those who have taken the plunge have reaped the rewards. Notable names like Elon Musk, Jack Dorsey, Dolce & Gabanna, and Fortune have all made their way into this space before.
Real estate is one of the untapped but most lucrative and attractive sectors to modernize and revolutionize through blockchain. In an “old-fashioned” market worth trillions of dollars that continues to grow, there is no doubt that blockchain makers will find a place to establish a new dogma of streamlined processes and lower costs for them. participants. These cover a range of verticals, from increased data ownership and fund security to mitigating the risks and effects of online rental fraud, expensive and unreliable intermediaries, bossy landlords or problematic tenants.
Rental evolution: cheaper, lighter, crypto
It is at this pivotal point that Rentible enters, which seeks to be a pioneer in this market by launching its cutting-edge dApp in the Web and mobile interfaces. Focused on the large number of people, not just tech-savvy, with a streamlined experience not available anywhere else, Rentible’s vision is to streamline the entire home search and property management experience. for future owners and tenants, while gradually exposing them to the blockchain via intuitive UX and its wide range of functionality carried out in the background, making the process not only cheaper through disintermediation, but also more secure.
Profitable: The NextGen Platform for Real Estate Technology
The technology of property (proptech) as it exists today is very centralized. While this brings a certain amount of control, it also has its obvious drawbacks and ten year old issues. The decentralized nature of blockchain and its ability to disrupt centralized structures means that prop-tech is ready for a synergistic merger with blockchain. Profitable has taken note of this and is concentrating its efforts on filling the void in this massive segment of the market.
In the same way that companies like Uber and Airbnb revolutionized their respective industries and solved many common problems, Profitable aims to usher in a new era of real estate by targeting the market in the medium to long term and solving many of the major ones. issues it is currently facing, such as:
Fraudulent rental programs
In the UK alone, victims have lost nearly £ 1 billion to fraudulent deposit schemes over a one-year period, a fairly common occurrence in major cities around the world. Another example from around the world includes a case in Florida where 18 families were the victims of a rental scam by the same perpetrator online. Each family transferred a deposit of $ 1,000 up front to secure the same property, only to find upon arrival at the property that it did not exist.
The death toll is largely made up of international students seeking accommodation during their academic stay abroad in dominant cosmopolitan cities. Involuntary victims are forced to post a deposit on property that is not available for rent. Scammers use stolen IDs and fake personalities to defraud victims, often renting out the same non-existent property to multiple people, leaving victims without recourse.
The immutable nature of blockchain makes it a natural resource for solving this problem.
A cryptographic gateway
Profitable’s specific use of crypto features in real estate allows for an easy introduction for newcomers to the cryptocurrency world. Not only will users be able to send / receive rent related payments in different cryptocurrencies, but any ‘average Joe’ owner, the guy who only hears about bitcoin in the media but doesn’t know how to open a wallet, will be now capable of receiving rent payments in crypto and accumulating on a weekly or monthly basis, which increases in value over time, unlike regular Fiat payments, greatly increasing the potential for annual return.
The total cryptocurrency market cap is currently above $ 2,000 billion and is expected to continue to rise in the future. With mass adoption on the horizon and new innovations in blockchain technology to come, it’s only natural that masses of people who were previously unfamiliar with crypto seek the opportunity to dip their toes into it. ‘water.
The decentralized nature of blockchain has many benefits for users. User data will no longer be held by companies that can (and usually do) exploit it for profit, lose it due to security breaches, or transfer it to other parties due to arbitrary government decrees.
In addition to increased ownership of privacy, moving the rental and property management process to a blockchain vertical will serve to eliminate costly middlemen in many of these transactions. Whether online or physical intermediaries such as asset management companies or online platforms, these incur excessive fees, which average 12% -17% of total transactions.
Disintermediation of online property rentals will greatly simplify the process for both parties – tenants and landlords, as the stand-alone nature of smart contracts will eliminate the problems of withholding the deposit by uncooperative landlords or agencies, and speed up the process. administration of several -sign cross-border rental contracts.
A next-generation platform for a massive untapped industry
Profitable is already aiming to deliver by the end of this year a first commercial version of the platform and mobile applications in beta, which will follow a closed MVP version to its community in the coming weeks. The team declared its long-term, multi-year vision to expand the platform’s utilities and build a robust ecosystem through a network of partnerships with other utilities projects, which will distract from the current fad of the platform. ‘Coins’ and will demonstrate the real-life applications and use cases of blockchain technology as a catalyst for mass adoption globally in the years to come.