“Brickschain’s technology enables investors to make fractional investments in real estate assets, turning them into partial owners in our portfolio of real estate.” Alok Rai, Chief Operating Officer at Apiary Centre of Excellence at Software Technology Parks of India (STPI), the government of India, declared that this will be the first-ever World’s First Online Real Estate Exchange that will redefine the way people invest in real estate.
It is interesting that Dr. Anil Mundhe, a Ph.D. student at the S. P. Jain School of Global Management, has concentrated his research on the blockchain-based tokenization of real estate.
Out of 482 submissions, the concept for Brickschain was chosen in the second batch of STPI’s Apiary-IIdea Challenge Program by the Indian government’s Ministry of Electronics and Information Technology. It is a pioneering project in the property sector.
The world’s first online property exchange was introduced in 2019 by Brickschain, a firm that specializes in blockchain technology for the real estate industry.
By employing blockchain technology, this platform seeks to increase the effectiveness, transparency, and security of the purchasing and selling of real estate.
Users can conduct online property searches, view info, and submit offers using the Brickschain platform. The platform also enables users to follow the transaction’s development, from the original proposal to the deal’s final closing.
Contracts, which are self-executing agreements with the terms of the agreement put directly into code, are used to make this possible.
The improved transparency that the Brickschain platform offers is one of its main advantages. The blockchain, a decentralized and impenetrable ledger, houses all property information and transaction history.
This minimizes the possibility of disagreements and fraudulent conduct by ensuring that all parties participating in the trade have access to the documentation.
The greater efficiency offered by the Brickschain platform is another advantage. The software does away with the need for brokers and attorneys by digitizing the purchasing and selling processes. As a result, purchasing and selling properties takes less time and money.
The “Blockchain Real Estate Investment Trust” is an original feature of the Brickschain platform (B-REIT). This enables users to use cryptocurrencies to engage in real estate holdings.
Similar to conventional Real Estate Investment Trusts (REITs), B-REITs enable quicker and more secure transactions through the use of cryptocurrencies.
Alok Rai launched Brickschain by initiating a fractional investment from the first client, Mr. Ulhas Tambe.
According to Rai, STPI provides financial assistance to blockchain entrepreneurs as they develop their business plans for commercial enterprises. In today’s world, practically everything can be found online.
Examples include food stores, banking, and gold bonds. With blockchain technology, you are able to buy, sell, and keep your investment in real estate fractional at any moment in a secure manner. Dr. Anil Mundhe has effectively put this concept into practice.
In conclusion, the introduction of the Brickschain online estate exchange marks a significant advancement in the real estate sector. The platform increases transparency, convenience, and safety for both purchasers and sellers of real estate properties by utilizing blockchain technology.
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