Blockchain-based system for real estate launches in India
Although the Indian government’s stance on the adoption of digital currencies is not yet clear, there have been innovations using blockchain technology in non-financial sectors of the country.
Local fintech company RealX was founded in 2020 but had to temporarily cease operations due to the COVID-19 pandemic. They operate a platform for fractional ownership of real estate and have made it available to the public. Recently, the company partnered with Tripvillas, a vacation home rental service, to mix vacation home ownership by usage and income. Tripvillas will also be responsible for managing the shopping cart of vacation properties earmarked for co-investment on the RealX platform.
The blockchain-based platform RealX enables Indian investors to buy and sell holiday homes with “direct co-ownership”. Investors can use a blockchain-based register to invest digitally in high-yield, high-yield properties.
Co-founder and CEO Manish Kumar said they were badly affected by the pandemic, but it also gave RealX an opportunity to reinvent its strategy.
For her part, Co-Founder and COO Neera Inamdar said, “During the pandemic, we received a lot of insights from both our customers and developers. We found that, despite the plight of the builders, customers still had no opportunity to participate in the real estate market as investors. We have set ourselves the goal of closing this gap and in turn creating a win-win solution for both. “
She also stated that her investment process is simpler and different from other participants in this area. “We offer ‘direct property transfer of ownership’ and it is in the best interests of investors to become direct co-owners of the property,” said Inamdar.
Recent blockchain certification initiative in India
The government of Maharashtra, in cooperation with LegitDoc, has implemented a registration system for the provision of tamper-proof diploma certificates using blockchain technology. This innovation has helped address the issue of certificate forgery.
LegitDoc also plans to work with other academic institutions in India to implement the same initiative to combat document forgery.
Watch: CoinGeek Zurich Presentation, BSV Blockchain: Ignite the Power of Data
New to Bitcoin? Check out CoinGeek’s Bitcoin For Beginners section, the ultimate resource guide, to learn more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.