Revolutionizing the Real Estate Industry With Blockchain Technology

The industrial revolution was ushered in by the 18th century, and the Renaissance brought light to humanity by the 17th century.

Although some people are skeptical, many believe that the future will see this stage of early blockchain startups as a comparison to 1994's Internet Revolution. In which web technologies like HTML and FTP were the foundations of the internet, the 21st century, blockchain technology is regarded as one of the most important inventions.

Blockchain technology is slowly being adopted by a variety of industries, including gaming, finance, banking, and sharing economies. This allows them to increase productivity and raise brand awareness. Although blockchain technology is still not widely adopted, many have seen the benefits. Fortune, Jack Dorsey, and Dolce&Gabanna are just a few of the notable names who have already made this leap.

Real estate is one of the most profitable and attractive sectors that blockchain can revolutionize and modernize. Blockchain principals will be able to create a new system that streamlines processes and lowers costs in an "old-fashioned market" worth trillions of dollars and which is still growing. These include a variety of verticals such as increased data ownership and the security of funds to mitigate risks and effects from online rental fraud, expensive and unreliable intermediaries, overbearing tenants, and insecure landlords.

The Evolution of Renting: Cheaper and Leaner, Crypto

This is where our enters, who aims to be the first-mover in this space by launching its state-of-the-art dApp on both mobile and web interfaces. Rentible is a company that aims to address the masses, not just tech-savvy people. Rentible offers a simplified experience that allows prospective homeowners and tenants to manage their properties and house hunting. It also gradually exposes them to the blockchain through an intuitive UX and a wide variety of features performed in the background. This makes the process less expensive and safer.

NextGen Platform for Property Technology

Property Technology (proptech), as it exists today is highly centralized. Although it provides some control, it also comes with obvious drawbacks and decades-old problems. Proptech is well-positioned to combine blockchain and blockchain due to its decentralized nature and disruptive potential to central structures. We have taken this into consideration and are focusing our efforts to fill this large market segment.

Rentible is aiming to create a new era in real estate, similar to the way that companies like Uber or Airbnb revolutionized their industries and solved many common problems. Rentible targets the mid-to-long-term market and solves many of the main problems it faces such as:

Fraudulent Rental Schemes

Over the course of a year, victims in the United Kingdom lost nearly a billion pounds to fraudulent deposits schemes. This is a common phenomenon in major cities around the world. A Florida case is another example of a scam perpetrated by an online landlord. It involved 18 families. Each family paid a $1000 deposit upfront to secure the same property. However, upon arrival at the property, they discovered that the property was not there.

International students who are studying abroad in cosmopolitan areas often become victims. The scammers force victims to pay a deposit for a property that is not available for rent. To defraud victims, scammers often use fake identities and fake people to rent the property to multiple people. This leaves them without recourse.

Blockchain's immutability makes it an ideal resource for solving this problem.

A Crypto Gateway

Rentible's use of crypto features in real estate makes it easy for newcomers to the cryptocurrency world. Users will be able to send/receive rent-related payments using different cryptocurrencies. Any "average Joe" landlord will be able to receive rent payments in cryptocurrency and accumulate on a weekly, or monthly basis. This is significantly more than regular Fiat payments.

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The current total cryptocurrency market cap is over $2 trillion. This number will only rise in the future. Mass adoption is on the horizon, and there are many innovations in blockchain technology. It's only natural that people who were not familiar with crypto will want to try it.

Decentralization

Blockchain's decentralized nature has many benefits for users. Companies cannot hold user data for profit. They can also lose it due to security breaches or transfer it to others as a result of arbitrary governmental decrees.

Additionally to the privacy-ownership and the reduced cost of many transactions, the blockchain vertical will allow for property and rental management to be done directly. These fees can be incurred by brick-and-mortar or online intermediaries like management companies or platforms. They average between 12%-17% of total transactions.

Online property rentals can be disintermediated, which will simplify the process for both landlords and tenants. Smart contracts are autonomous and will remove any problems with deposit withholding from non-cooperative landlords and agencies. It will also speed up the administration of multisignature rental agreements across borders.

The Next-Gen Platform to Untapped Industry

The team aims to provide an initial commercial version and mobile apps by the end this year. This will be followed by a closed MVP release to the community in the next weeks. The team has made clear its multi-year long-term vision to expand the utility of the platform and build a strong ecosystem through partnerships with other utility project partners. This will be a departure from the current trend of "meme coins" but it will also demonstrate real-life uses of blockchain technology as an accelerator for global mass adoption over the next years.