Real estate is a fundamental asset. It meets our need as a place for a home, to do business, and for many it is their main investment vehicle for retirement. Yet, why is it that we have to accept the uneasy feeling that this important asset can be caught up at any time by a national or global financial crisis and putting our future at risk?
That is why our vision is to radically transform the ecosystem of real estate, by making financial transactions more:
- and secure.
Resulting not only in improving the profitability for investors, but more importantly helping to protect communities from real estate:
- and financial instability.
By creating a global ecosystem for residential and commercial property where transactional and registry functions can be tracked in real-time:
- Land titles and mortgage registrations
- Tenancy and bond arrangements
The ecosystem will create the world's first Virtual Credit Bureau for real estate. Giving property and financial service providers a more up to date and standardised view of property and credit metrics. The foundation of the bureau will be built upon a global decentralised ledger for real estate called the Midasium Blockchain.
The purpose of the blockchain is to execute and retain a permanent history of all real estate transactions and registrations using a system of smart contracts known as Midasium Contracts. The smart contracts replace traditional contracts such as:
- Mortgage agreements
- Contracts of sale
- Tenancy agreements
What makes Midasium smart contracts advantageous over traditional contracts are that they remove various human elements and legacy technology in today's current processes. The result is:
- a near instantaneous settlement time
- a reduction in legal, accounting and transaction costs
- and a significant reduction in fraud, corruption and credit risk.
The Midasium Blockchain does this by storing contracts and related metrics in such a way, that when granted permission, a full financial history of a property can be traced and audited. With this, financial benchmarks can be easily obtained such as property defaults and vacancy rates.
Using advanced cryptography, confidential information is securely encrypted from public view. Only contract signatories can grant permission to third parties in order to view the details. However, signatories may be required to grant access to public authorities in order to comply with national and state regulations. Also certain existing public information, such as the property location and construction year, will be deemed as non-confidential and available for viewing without permission.
Read more - Midasium Contracts.