Blockchain technologies have been at the forefront of the banking, investing, and cryptocurrency fields in recent years. Quickly gaining traction due to its concept of a distributed and decentralized ledger, blockchain is being touted as the next big breakthrough in the digital economy.
After having disrupted financial services and finding applications across industries, such as the food supply chain, the Real Estate industry is all set to undergo a transformation. Additionally, owing to comparatively low volatility and good returns, Real Estate is often favoured among investors. Currently, however, overseas transactions are impeded by government regulations, international transactional issues, delays, and a lack of trust. Contracoin aims to bridge this gap and provide an end-to-end solution that streamlines international real estate transactions.
What is Contracoin?
Contracoin is an Ethereum based cryptocurrency targeted explicitly at International Real Estate to create a marketplace for investors from across the globe. Conceived by Contracorp Limited, Contracoin eliminates the complications of excessive transactions and convoluted banking procedures for those looking to purchase property internationally.
Making the Real Estate Blockchain Feasible
Contracard, a subsidiary of Contracorp Limited, was established in 1992 as a B2B trade exchange and developed a premier barter marketplace with its Virtual Barter network. The Virtual Barter network established numerous distribution channels and online marketplaces, helping develop a global trade marketplace that seamlessly integrated business networks, trade associations, and members and clients of barter companies. Having been involved for more than 20 years in the Real Estate industry, Contracard aims to leverage this experience to bring cryptocurrency and the blockchain technology to the forefront of the domain. Contracoin’s Global Real Estate Platform will significantly benefit from access to merchants on this global trade network, enabling its widespread and easy adoption.
The Global Real Estate Platform aids buyers and sellers at numerous steps of the entire process.
- After finding an appropriate property listed on the portal, Contracoin will aid the buyer in finding legal or financial assistance, if required.
- Once the price has been negotiated, the buyer will make a deposit to show good faith, which will be held by an escrow agent. The property may be inspected, and enquiries made during this period, with Contracoin offering assistance.
- When the legalities and funds are settled, a date of purchase will be set down. If the property is purchased as an investment, Contracoin will assist the buyer in finding a Property Managing Agent.
- The deed will be filed with the Government Property Registry of the country where the property was purchased.
- Contracoin will collaborate with existing property portals to integrate them into its Global Platform.
- The integration serves to benefit both Contracoin, due to increased adoption, as well as the partner portals, which can capture additional revenue from crypto investors.
- Private sellers will be able to log into the platform and put up the pertinent information regarding the property.
- Agents and property developers will have a separate listing where they can upload information and build a professional profile.
- For both independent sellers and agents, a nominal fee will be charged to avoid spam listings.
What Contracoin Offers
- Improved Security
Encryption is the crux of blockchain and is crucial for online transactions. By using encryption to validate the identities of all parties involved, fraudulent transactions are impossible since they will need consent from all parties. Additionally, unlike typical centralized systems with a single point of control, the Contracoin platform uses the blockchain, which enhances its security with a peer network, ensuring maximum security and protection against frauds.
- Reduced Costs
Exorbitant international transactional costs are one of the critical issues plaguing the international property trade. With Contracoin and blockchain, however, these costs are substantially reduced or completely eliminated in some cases, due to the absence of fees imposed by a middleman.
- Improved Efficiency
In traditional transactions, data is often duplicated and stored with multiple entities. As a result, conflicts arising in transactions often lead to expensive and time-consuming corrections. To avoid this, Contracoin uses a distributed database system, markedly reducing any manual intervention.
- Greater Transparency
Conventional systems have databases that are hidden behind multiple layers of security, leaving investors unsure where their money is being parked. Contracoin utilizes Ethereum’s decentralized network to ensure that the data is uniform and transparent to all entities involved.
- Lowered Intervention
Decentralized and trustworthy escrow services will be in charge of coordinating transactions. The entire process, including clearing and settlement, will be fully automated, thereby drastically reducing the possibility of human errors.
Building the Real Estate Blockchain
Despite having a total market cap of over $550 billion, cryptocurrency transactions form a fraction of the complete transactions made across the globe. A majority of exchanges only offer investors the ability to trade currencies and not use them for payments. The Contracoin Marketplace aims to enable users and investors to use digital assets in the form of Contracoin for purchasing a wide variety of products and services. With a database of over 200,000 merchants from across the world associated with the parent company Contracard, Contracoin is poised to revolutionise the digital landscape of blockchain.
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