US based startup with years of experience in real estate-based technology, wanted to disrupt Billion Dollar Property rental market leveraging Blockchain Technology to provide fast, secure yet transparency with rental payments and transactions. Having clear vision about the domain, they were seeking for right technology partner.
Solution required to create transparency and trust for all the rental transactions to be secure. Blockchain could help them to bring security via immutability and complete transparency of the data and transactions.
There are non-Blockchain existing solutions are available in the market which enables automated rent payments with Bank to Bank. Which takes time and doesn’t guarantee secure payments between the parties involved in the rent agreements. Solution demands for faster and secure payments without interaction of Bank. Blockchain crypto was the answer to this requirement.
All existing solutions solves many problems but still require third parties to verify each transaction and document involved in rental process. With Blockchain based solution it should get rid of all third-party interactions with process and users can work on peer-to-peer for rent agreements and its approval.
Business need is to have legal contracts which are secure yet automated. Centralized cloud-based solutions tried to solve the problems but didn’t receive both security with automation of contract execution. Leveraging Blockchain based smart contracts solution makes the process more secure and automated over decentralized distributed network. Since it doesn’t require third party verification, it can execute the contracts faster compare to centralized solutions.
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