Online real estate search portal Hipflat has launched its verified property listings that are powered by blockchain technology. Hipflat services millions of Thai home buyers and renters in the country, and with this new blockchain, its services are now more secure than ever.
The web has become the default “go-to” channel for home buyers and renters, but the quality of online listings in Thailand (as well as in many other regions around the world) is often very poor. For many people, finding a home online can be a very frustrating and time-consuming experience. Often, up to 90% of online listings across numerous property search portals are inaccurate, unavailable, or simply fake. The result is that buyers waste a lot of time investigating the wrong properties or properties that do not even exist.
Moreover, since hundreds of thousands of property listings are advertised at prices that are no longer valid, it is very difficult for both buyers and sellers to establish a fair market price. This lack of transparency creates friction, which deters buyers and sellers from making a mutually beneficial agreement. This, in turn, severely affects market liquidity.
To bring trust to online property searches, to combat inaccurate information, and to provide greater reassurance to property seekers, Hipflat today launched its new verified listing feature, which highlights listings that have been independently validated by Hipflat members who have already contacted the advertiser or visited the property. Hipflat members will also be able to report inaccurate listings. As more information is collectively sourced and verified by Hipflat members, Hipflat will achieve its goal of having 100% of its listings verified.
The verified listings feature is the first real-world use case and a proof of concept of the Domus Protocol, which is blockchain-enabled software being developed by Hipflat. Domus will use a blockchain to collect crowd-sourced property information, to reward members who contribute high-quality property data, and to prevent malicious data entries.
Hipflat's goal is for Domus to be the foundation of a network that will unite online real estate marketplaces all over the world. People everywhere will have access to high-quality property listings. It will become a global marketing platform, helping sellers to find a buyer for their property faster and cheaper.
Edited by V. Haviland
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