- Blockchain Solutions for Real Estate
Module 1: Document Management
A portal where Real Estate Developers can easily (yet securely) upload the documents pertaining to each Flat to individual buyers account. Upload in Real Time.
Buyer can access his documents on the go through his smart phone or through a computer using his personal digital key.
Later on the buyers can upload additional documents like property tax payment receipts etc.. which gets generated frequently.
When the buyer becomes a seller, he has full systematic record of all papers in one place making it convenient for a transaction.
Trusken will facilitate the creation of multiple blockchain nodes across the Real Estate Industry stakeholders like builders, legal firms, property consultants and government authorities. Trusken will integrate this database with the nodes for achieving consensus as they go live.
Module 2: Smart Listings
Listing sites contain projects powered by Trusken’s innovative tools like remote site visits on demand, deal negotiation on blockchain, acceptance through smart contracts, payment of advances instantaneously through Escrow etc.
Real Estate developers whose projects are enrolled onto the Trusken Platform can easily upload their project details onto the listing platform.
Visitors to the listing platform can directly contact the Developers Marketing and Site team through this site.
Option to easily update project details / status is provided to Real Estate Developer.
Module 3: Remote Site e-Visits
Potential buyers prefer to physically visit the dream home that they intend to purchase. Trusken promotes tools that replicate the same experience from a remote location.
Prospective buyers will be provided a short link on WhatsApp or e-mail or even click it directly from the projects listing site.
On clicking the link from an internet enabled device, a direct video call will be initiated to the project marketing/ site team.
There is no need to download any additional software etc..
Buyers who invest in high value properties prefer a face to face interaction rather than a call.
The Real estate developer can create a governance structure of his choice around the scheduling of such site visits at his convenience and manpower availability.
Module 4: Smart Deal Negotiations
Trusken uses a proprietary blockchain backed web tool that securely and instantaneously allows terms negotiation and agreements.
This allows sellers, buyers and brokers to conduct negotiations and discussions online to conclude the transactions
All communications are recorded on the immutable blockchain hence there is no scope for any misunderstanding.
The output of this exercise is the clarification of terms on the basis of which a Smart Contract can be created.
This digital innovation will go a long way in enabling remote deal making without requiring the buyer, seller or broker to travel physically when not required
Module 5: Online Smart Contracts
Trusken enables the use of rule based online contracts that will allow buyers and sellers determine the conditions of the transactions.
Smart contracts self-execute transactions.
They can shorten the Transaction duration.
Use of a blockchain framework can prevent injustice such as unauthorized data manipulation and alteration.
The previously agree upon protocol is the sole arbiter of the transaction.
In the context of real estate, a smart contract effectively serves as an automated and immutable escrow officer.
The escrow officer releases funds upon the occurrence of certain conditions according to previously agreed upon instructions
Module 6: Escrow Account
Trusken enables deals through Escrow accounts powered by ICICI Bank. This will enable conclusive agreements to sell through a fully online process.
Once the deal terms are negotiated between the buyer and the seller, Interested buyers can pay advances into an secure Escrow Account.
This will enable them access to property details and allow them to block the property for a certain time period as agreed between the buyer and the seller.
On achieving on pre-agreed milestones, the smart contract initiates payments to seller.
In case the deal fails, amounts are refunded to buyer and seller as per terms agreed.
Module 7: Asset Tokenisation
Trusken brings in liquidity to Real Estate by increasing the speed of the due diligence and transaction process. By introducing property tokenisation, Trusken enables the investors to invest fractionally in properties of their choice.
Tokens are digital representations of a physical assets and can be used to verify the asset’s authenticity.
Using the immutable property of blockchain technologies, tokenisation contains information of the property like ownership, asset details, maps, surveys, legal & approval status, leases and financial position.
Property title can be converted into a token that can be easily traded, and also used as collateral in mortgage transactions.