Most people will at some point own or sell a property. It’s a key stage in life. Now imagine if the whole process was simplified and could be found on one, easy-to-use platform that provides all parties involved with access to all the information required at the click of a button. A platform that guarantees a secure, efficient
and cost-effective experience. Ledger Projects directors David Schranz and Anthony Mamo explain.
Imagine you decide to sell your house, but a notarial search finds half your property’s footprint actually belongs to someone else. Or imagine paying a deposit on a house only to learn that the owner sold it to several other buyers that same day and fled the island with the money.
These are realities that can happen today in a property market that remains completely undigitalised. With such high values at stake and new technologies at our disposal, they are problems that should and can be solved.
Enter blockchain technology, synonymous with trust, immutability and transparency, all attributes which could crystallise the grey areas that exist today. Ledger Projects is proud to unveil a holistic digital solution for property management using Distributed Ledger Technology. This is a platform designed to simplify property transactions and make every step of the process more efficient for all stakeholders involved.
A permanent, untampered log of information will always be easily accessible
As opposed to the traditional process, our application stores property information on the blockchain meanings that a permanent, untampered log of information will always be easily accessible to all authorised parties involved in the transaction.
Notaries, for example, can upload and publish contracts as well as other media into the system, while buyers and sellers, through their personal profiles, can insert their own information, verify each other’s credentials and review the finer details of the property and contracts in question.
Real estate agents can introduce buyers and sellers to each other and provide valuations of the property with the various increases or decreases in the value being available to any prospective buyers. Architects will now be able to upload plans and application documents to the planning authority through a simplified process drastically reducing waiting times and potential mistakes. Moreover, rental agreements registrations can also be uploaded onto the blockchain platform. The same can be applied to financial institutions who may require documentation for loans. Delays in court cases are further proof that the current system needs to be currently revised. We use our platform as the stage and the stakeholders as the actors.
Geo-fencing techniques can outline property with greater accuracy, using GPS coordinates rather than reference points as done in many contracts today, despite property being the single most important investment in everybody’s life.
The platform will continue to evolve keeping in mind the ever-changing requirements of the various key players involved in the sector. We understand that no technology can replace stakeholders who are offering a valued service to the sector. The vision is on the contrary to create a holistic digital environment, in which the processes have been designed to complement the work currently being done by said professionals, facilitating their tasks and making both the local and the International industry as a whole more efficient. A fusion between cutting edge technology and brick and mortar service.
The blockchain provides a unique opportunity to combine professional expertise and experience with digital technology and Ledger projects has every intention to be at the forefront of this state-of-the-art vision.