OpenBrix, the latest property portal which utilises the blockchain technology is live for the users. The portal facilitates in creating a linked network of agents who can upload listings. It would enable the agents to vote on major business decisions and supervise their customer leads.
— OpenBrix (@OpenBrix) February 3, 2020
OpenBrix as Facilitator
Blockchain, the technology is interpreted as decentralization of data. The application of Blockchain in the real estate sector can lead to fraud prevention and disintermediation. It significantly aims at creating a balanced system that prevents the domination of middlemen in dictating terms to buyers and sellers.
The OpenBrix portal aims to create the decentralised network as it is based on blockchain technology. The portal will connect the all key pioneers in the property letting and sales market on the single network. There would be no sole owner to control the money, data or rules of the portal as per the OpenBrix. According to Adam Piggott, CEO of OpenBrix, the portal would lead to an improvement in the ecosystem of agents and customers. He further added that the portal would be mutually beneficial for both the parties rather than one-way progress. The portal is supposedly considered as the “secure ledger system” which can store data which can be seen by everyone but cannot be tempered.
Blockchain Technology in Real Estate Sector
Recently, the real estate sector is slowly embracing the technology to make the hassle-free network for sellers and buyers. The advances in the Blockchain technology have the potential for producing higher dividends for property investors, tenants as well as for managers. The easily accessible data can lead to the revolution in the industry by improving the transparency as well as reducing the fraud during transactions. The technology will lead to the democratisation of real estate properties, opening the gates for fresh investments.