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Blockchain technology has impacted the real estate industry in many ways, but primarily by providing a new means for buyers and sellers to connect with each other. It has enabled the elimination of once-necessary intermediaries, thereby reducing costs.
The introduction of smart contracts on blockchain platforms now allows assets such as real estate to be tokenised and traded as cryptocurrencies. In this way, the game of the real estate market changes profoundly:
Traditionally, the real estate (intermediary) has been mainly concerned with listing real estate and connecting buyers and sellers. However, blockchain introduces new ways of trading by supporting digital platforms to conduct real estate transactions in an end-to-end manner, ensuring greater speed, transparency and reliability.
Consistent with the previous point, the functions exercised by brokers, lawyers and banks that have traditionally been part of the real estate acquisition process will change their involvement profoundly with the incorporation of blockchain and smart contracts. New platforms may end up taking over functions such as listings, payments and legal documentation. The incorporation of many functions that intermediaries used to do by the blockchain will mean that buyers and sellers will get more of their money's worth, as they will save on commissions and fees. It will also make the process much faster, as the back and forth between these intermediaries will be cut.
Real estate has long been considered an illiquid asset, as sales take time to conclude. This is not the case with cryptocurrencies and tokens, as they can be easily exchanged for fiat currencies through exchanges. Thus, by turning this market to the crypto world and being tokens, real estate could be traded conveniently and facilitate access to liquidity. In this way, a seller would not have to wait for a buyer to pay for the property in full to have some value. This possibility of property fractionation through tokenisation also allows investments to increase significantly. Normally, investments would require significant money upfront to acquire a property. The blockchain breaks down these barriers by making it possible to fractionalise, and investors could also create a pool of funds to acquire larger properties. Through blockchain, investors would only need to access a trading application to buy and sell even fractions of tokens as they see fit. In addition, fractional ownership would also help them avoid managing the properties themselves, such as maintenance and leasing.
Also, as everyone knows, blockchain inspires trust and security as a decentralised technology. The information stored on the blockchain is accessible to all peers in the network, making the data transparent and immutable. The decentralised exchange has trust built into the system. Since the information can be verified by peers, buyers and sellers can have more confidence when transacting. Smart contracts are increasingly becoming admissible registries. In states such as Arizona, for example, such legislation has been passed.
In the following, we will explain in a simple and summarised way two outstanding features of Blockchain that are useful in the real estate sector:
These are lines of code written to execute autonomously when exposed to a specific data trigger. Smart Contracts are a set of predefined rules that cannot be edited, once coded (in most cases). For example, if X occurs, transfer the amount in the ratio 20:30:50 to A, B and C respectively. Thus, these Smart Contracts can streamline extremely complex lease payment contracts. Since each and every transaction is time-stamped and recorded, there is no need to keep track of everything. As a result, the entire process is automated, saving time, effort and money.
A token, in the true sense, is a smart contract on Blockchain. However, the real use case of a token is the digital representation of a physical asset. An asset, in this case, a property can be said to be "tokenised" when a token is created that represents the asset on the Blockchain, possesses a unique identity and cannot be exchanged for another (non-fungible) token. The holder of this digital token can prove ownership of the asset. Moreover, these tokens can be easily exchanged. This feature is particularly useful when buying/selling property, anytime, anywhere, almost instantaneously.
Let's look at a brief overview of the real estate process with blockchain:
Step 1: Real estate marketplace
Buyer and seller will meet on the online marketplace where verified property information is available. The marketplace will integrate with government systems to ensure the authenticity of the information.
Step 2: Identity verification
A built and integrated KYC solution will involve government agencies, banks, etc., to verify identities. The solution will validate information from multiple sources.
Step 3: Immutable agreements
Once both parties decide to go ahead and reach an agreement, the terms and conditions of the agreement will be recorded in the smart contract.
We continue to make great strides; we hope everyone is well.
Thank you very much.- The Tramac S.A. team.
Dear members, today we want to talk to you about a topic that has been popping up everywhere lately. We are talking about NFTs, which stands for non-fungible tokens.
More than one of you may be wondering what is this new form of tokenisation that has opened up a new market which is growing by leaps and bounds. Well, to put it simply, we could say that we should think of NFTs as unique digital assets within a blockchain. This technology allows (as you know), each token or coin to be unique and permanent. It is impossible to counterfeit and allows ownership to be verified. But up to this point there is nothing new, the novelty introduced by NFTs is basically that they allow us to "tokenise" something material and thus transform it into digital assets, favouring the commercialisation of practically anything and digitally certifying its authenticity.
The NFT market is growing by leaps and bounds. In 2017, the NFT market was worth around $30 million. It is currently estimated that they are trading at a value of 500 million.
The best known example is the sales of Pokémon cards, but the possibilities are virtually endless. Twitter CEO Jack Dorsey, for example, has sold the first tweet ever sent. But we can potentially use it for all kinds of markets.
But why are millions being spent on NFTs? The simplest answer is that humans have always liked to collect things. Thus, the scarcity and uniqueness of something transforms it from an exclusively economic perspective into something wanted and sought after, guaranteeing it a high value.
This certification guarantee that allows you to own something unique in a secure and fully digital way has literally created a revolution.
Its proprietary nature means that your NFT is tied to your wallet and its ownership rights are 100% yours, plus these digital assets can be transferred simply and quickly between wallets, and the transparency of the blockchain allows the authenticity of the token to be verified.
We will soon have an update from Tramac S.A. in this regard. In the coming weeks we will be updating you with everything that has been done since the last communications.
Thank you very much.- The Tramac S.A. team.
Dear partners and community, we have completed the development of our new Girapay Desktop App.
This will bring countless access and control advantages over the web version.
A full desktop application is faster, easier, and much more functional. After a quick and easy installation process, you will have access to your application immediately.
Tramac S.A. continues to make progress on different fronts, both in product and service development, as well as in bureaucratic and administrative aspects. We continue at a steady pace and taking all the necessary steps to do it properly.
News after news, we have been warning you that this year would be full of positive updates. Today's news is certainly not just another one, but one that sets a very clear precedent for all that is to come.
Dear partners, we are in a position to inform the whole community that a real estate transaction has taken place in the Swiss Alps, in which Giracoins have been used to pay for 50% of the property.
This is a milestone for the company, not only because the operation meets all the requirements for a perfectly legal transaction, but also because it represents the first step in a new phase. It sets a precedent that opens up a new dimension of business. It puts the real estate market within reach of our project. This is one of those moments when it is necessary to reflect on what this step means.
50% of the value of a property in Switzerland has been paid for with Giracoins. This is the first transaction for the acquisition of an asset in which our cryptocurrency is accepted, and for the purchase of a property no less. The seller has accepted 3.354 GRC (60.000 CHF) as part of the total purchase amount.
This is something we as a company are very proud of. The celebration has little to do with the amount involved, but rather with what this transaction represents. It stands for acceptance, legality, simplicity, but above all, it stands for value in use. We need to emphasise this point, because more than once we believe that the race is on to go to market or to an exchange without any plan. Partners, the key to our business and success is support, usability and legality. These elements are fundamental to guarantee the solidity of a project. Having partners of the size of the African Union, their support and strategic partnership, meeting the requirements demanded by the different bodies and responding satisfactorily to everyday problems with intelligent and functional solutions, are achievements that do not happen overnight.
That is why we ask you to read this news in a strategic way, in terms of what it means for the present of Tramac S.A., but above all for our future. A future that we are getting closer and closer, thanks to the perseverance and patience we have shown in turbulent times.
Sincerely, today we are proud to share this news, we know that we still have a long way to go, but news like this is what motivates us to continue with more strength than ever, cautiously but steadily, because this is how we understand progress.
Many thanks to all those who believed, believe and will continue to believe in this incredible project.
Congratulations partners!!!! This achievement is also thanks to you!
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