Twelve areas of 1,700 square feet each, located in Manhattan and estimated at $ 30 million, have recently been tokenized for later sale as digital assets.
For this purpose, the Blockchain platform was launched, which allows to present the ownership and rights of any multimillion-dollar real estate in token form. “The market in New York is always attractive, but it may take some time to sell real estate for a good price in a newly built building. With Blockchain, we can eliminate the pressure of traditional bank financing, which is useful for the project and makes the way for a new round in the development of real estate trading”, – the platform representative said.
To tokenize a house means to issue tokens backed by the value of the building itself. Such a system provides more opportunities than a purchase in a real estate agency. Firstly, it makes possible to buy shares, and secondly, to conduct operations, bypassing many intermediaries.
Selling and buying houses and apartments with the help of Blockchain is not only safer, but much more convenient too. There is no need to think about a heap of documents or visiting the instances – the whole process is carried out by a decentralized network and nodes that confirm the validity of transactions.
Storing documents on the Blockchain will give more confidence than the most reliable safe. Determination of the shares of participants, temporary registration – smart contracts ideally fit for these purposes. They can automatically change the conditions or expire after a predetermined period of time or any changes. And what’s best – you can manage all this processes from a smartphone using several applications.
This is what ENDO Protocol can deliver for the construction business.
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