Blockchain-based system for real estate launches in IndiaOctober 3, 2021
Although the stance of the Indian government on digital currency adoption is still not clear, there have been innovations with blockchain technology in non-financial sectors in the country.
Local fintech firm RealX launched in 2020, but had to temporarily stop operations due to the COVID-19 pandemic. They run a platform for fractional ownership of properties and have made it available to the public. Recently, the company partnered with Tripvillas, a vacation home rental service, to mix ownership of vacation properties in accordance with usage and yield. Tripvillas will also be responsible for managing the basket of vacation properties supposed for co-investment on the RealX platform.
The RealX blockchain-based platform enables Indian investors to buy and sell “direct deeded co-ownership” vacation homes. Investors can invest in high-yield, high-return properties with a blockchain-based registry digitally.
Co-founder and CEO Manish Kumar said they were badly affected by the pandemic, but it also created an opportunity for RealX to reinvent its strategy.
For her part, co-founder and COO Neera Inamdar said: “During the pandemic, we got a lot of insights from our customers as well as developers. We realized that while developers were in distress, customers still did not have a way to participate in property market as an investor. We set out to cover this gap and in-turn create a win-win solution for both.”
She also stated that their investment process is easier and different from other participants in the space. “We offer ‘direct deeded property co-ownership’ and it is in the best interest of investors to become direct co-owners of the property,” Inamdar said.
Recent blockchain-certificate initiative in India
The government of Maharashtra in partnership LegitDoc implemented a credential system for providing tamper-proof diploma certificates using blockchain technology. This innovation has helped in tackling the issue of certificate forgery.
LegitDoc also plans to partner with more academic establishments in India to implement the same initiative, therefore, combating forgery of documents.
Watch: CoinGeek Zurich presentation, BSV Blockchain: Ignite the Power of Data
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