There's a next-generation real estate software that's looking to provide solutions for the problems that the real estate market currently faces. RealEstateDoc, or RED, is an application that provides users with a useful set of digital features which include document management, digital signing, payments, and analytics tools. RED sports a collection of services that target commercial real estate rentals. Furthermore, RED assists in secure and legally binding transactions between parties with blockchain technology which helps stitch back together the currently fragmented real estate market.
RED intends not only to help real estate businesses to extract substantial costs savings in their administration but also furthers the mission of stamping out document fraud. Moreover, RED ensures certainty of payment and regulatory compliance by onboarding the right vendors or tenants. RED also drives business and traffic through commercial spaces through incentivization from a common tokenized reward system and a smart space marketplace.
The RED software runs on a sidechain on the Ethereum [ETH] blockchain, using its immutability to store hashes of digital tenancy agreements. Moreover, the blockchain is used for the proof of the existence of transactions between the leasor and the leasee.
RED is the Business-to-Business wing of Averspace, the first Consumer-to-Consumer [C2C] residential real estate portal in Singapore and Asia Pacific. Solutions offered by RED have already begun to be used in 2 malls in Singapore while being in talks with 10 more in Singapore, for a total of 12 malls.
The RED engine manages rental agreements and other contracts through an implementation of Ricardian contracts. This contract is designated to track legitimately signed agreement of both parties and is rendered robust through cryptographic verification.
The software also runs on a custom sidechain, which has lower transaction fees and reduced scalability issues when compared to the main blockchain of Ethereum. The sidechain also has custom consensus rules that can securely govern data flows such as the authorization of a user, status of KYC validation via RED. Moreover, the status of a property and the conditions for renting it are also included in the rules, including details such as whether documents are in a final or intermediate state.
The RED platform is made up of 5 modules, which function independently. The modules can be customized to the client’s liking. The modules are as follows:
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