What way are they alike and what are the main advantages of the real estate platform for investing?
The blockchain platform BitRent is not an initiative of a local character, but an undertaking of a global scale. The main goal of the project founders is to unite two global sectors — investment and real estate. It is all meant to create a single secure network for financial transactions in the real estate area and, thus, maintain vital functions of the whole economy sector.
Today BitRent reminds Hyperledger — the blockchain platform that is still on the way to the cryptocurrency Olympus. Both platforms are focused on filling their niches in the international blockchain and cryptocurrency community. Like Hyperledger, the BitRent team is absolutely enthusiastic about working on the unique combination of RFID, Smart Contracts and BIM technologies.
BitRent builds a platform in the form of a network to facilitate cooperation between organisation in a single system. The main objective is to provide similar conditions for all users of the platform in the course of real estate operations powered by the distributed ledger.
According to the BitRent CTO, the platform is meant to unite investors and developers with no intermediaries, which leads to significant reduction of developers’ expenses and provides a way for absolutely everyone to invest in construction projects at any stage in every country of the world.
Now we will describe the advantages that will undoubtedly give a breath of fresh air to the whole sector for years to come.
The first advantage refers to monitoring of quality and construction time. Applying RFID-tags and Smart Contracts, BitRent minimizes human factor in the course of construction control.
It is a well-known fact that minimization of the impact of human factor inevitably results in construction quality improvement.
The second advantage is all about investor protection. In simple terms, developers will not be able to get further financing unless the previous construction stage is completed.
And again the combination of Smart Contract and RFID-tag appears on the horizon. In order for the next stage financing to be unlocked, the aggregated information from RFID-tags needs first to be sent to specific Smart Contract. If all the data meets the information in the BIM model, then the construction works are completed with corresponding quality and within the time, frames set in advance. Only once the mentioned above steps are made, the next stage financial provision is sent to a developer.
Managing life cycle of a building with a help of BIM is our present, not a future. More and more developers start applying information modeling of building in the course of construction.
Shift to BIM is a conscious choice, with BitRent’s team already working together with Sixense to develop the first demo version of main functions and a set of configurations.
Right in the software one may easily mark the exact location of RFID-tags that later will be shown in the 3D model.
BitRent looks to the future, that’s why the company’s final goal is to tokenize the already constructed buildings and sell real estate objects with a help of Smart Contracts anywhere in the world.