Singapore P2P real estate startup Averspace has announced the launch of a new feature on its mobile app: blockchain-enabled house rentals.
Homeowners and prospective tenants can enter into a digital tenancy agreement right on their smartphones, without needing both parties to meet face to face – all communication can be facilitated through the in-app online chat feature. Additionally, it is environmentally-friendly, as printed real estate contracts and agreements are not required, either.
This was made possible through signed partnership between Averspace and blockchain smart contract company Attores to integrate blockchain technology into its platform. Averspace said it has filed a patent for this new update. Currently, it will be available only for rental agreements.
Without diving too much into the technicalities, the blockchain system ensures that signed contracts are unalterable, making it hyper-secure. In addition, it expedites the contract signing process. Of course, the subject of blockchain’s reliability is still up for debate, but Averspace believes its solution of combining blockchain tech with mobile apps is the way forward for a traditional industry such as real estate.
And it seems that this hopeful future does not include the middle man – property agents.
Image Credit: Averspace