Anyone keeping an eye on crypto would agree that, regardless of industry, businesses can significantly increase their efficiency and security through the adoption of blockchain technology. This is primarily to due to the novel idea of using computers to enforce smart contracts. SMARTRealty provides a perfect example, as the company is seeking to revolutionize real estate via blockchain integration and a dynamic smart contract for real estate deals.
SMARTRealty is a system that enables seamless and decentralized real estate transactions, covering buying, selling, rental, and owner-financing of all kinds. This system can be broken down into three main elements: the smart contract platform, the listing platform, and the RLTY token.
The first layer is the smart contract platform, which allows users to create SMARTRealty smart contracts specific to their transaction and local regulations. Unlike the typical smart contract that has rigid specifications, SMARTRealty smart contracts are unique in that each is customized for the needs of the buying and selling party, adapting the template when necessary.
Too many people enter into real estate contracts without effectively laying out the initial terms. This might include defining “reasonable wear” for a security deposit clause or outlining requirements for inspections that need to be completed before fully closing a sale. Whatever these conditions may be, users can create a dynamic contract on SMARTRealty that tracks and enforces these initial standards.
Next is the SMARTRealty listing platform, where property owners post their properties for sale or rent to be featured and distributed to popular real estate sale and rental sites. Partnerships with other real estate sales networks will be important contributors to SMARTRealty’s network, expanding its user base and transaction capabilities across these partnered networks.
While the actual platform has yet to launch, a prototype can already be found online. Each listing provides the desirable information in the modern real estate sphere, including property specs and overview, virtual tour, nearby schools and places of interest, and even ratings of local walking and biking trails.
RLTY tokens represent the final element of the system and employs the previous two, utilizing the SMARTRealty smart contracts to drive the SMARTRealty listing platform. The platform accepts payments in any major currency, crypto or fiat, which is converted to RLTY tokens to properly record and track transactions. This will be the main propeller of demand following the ICO, as all transactions are then completed exclusively in RLTY tokens.
Decentralizing the real estate market allows for SMARTRealty to remove many of the middle men and brokers in the industry. Currently, buyers and sellers need to work with a number of lawyers, title companies, agents, brokers, etc. to merely finalize a transaction. Furthermore, throughout this process, most consumers do not have legal advice on what to look for the contracts they are entering. The SMARTRealty listing platform directly connects buyers and property owners, and makes real estate contracts more equitable.
More importantly, SMARTRealty smart contracts introduce a new level of security to the real estate market. Every transaction is executed by a SMARTREALTY smart contract, in which parties can embed their own terms, including dates for payments, agreement length, and non-compliance penalties, among others. From that point, the transaction is recorded on the blockchain where it cannot be altered. The custom terms of each smart contract are enforced automatically once on the blockchain, creating a trustless, automated system.
SMARTRealty is just now beginning its ICO period and is expected to end in May. While the full sales and rental platform is still about a year from official launch, the technology sounds promising in an industry that could certainly benefit from increased transparency and security, Overall, SMARTRealty is definitely a company for savvy real estate and crypto enthusiasts to keep their eye on in the coming months.