Proptech platform Nobul Corporation has announced that it has integrated its blockchain technologies with its own online open digital marketplace. Recently added, Nobul's blockchain feature has aided in tracking and managing contracts, making them more transparent and auditable throughout the real estate transaction process.
Alongside a rash of new customer-centric functionality and benefits, Nobul's August release includes the launch of a new blockchain specifically designed to record and manage transactions related to four key contracts between the home buyers/sellers and agents that meet through Nobul's platform. These include Listing Agreements, Buyer Representation Agreements, Broker-to-Broker Referrals and Working with a REALTOR (a consumer advocacy agreement specific to Ontario, Canada). Over the coming months, Nobul plans to implement and support, on its blockchain, the standard-form real estate contracts that are used to execute real estate transactions across all 50 states and 10 provinces in the U.S. and Canada.
To help manage the tangled web of contracts involved in the home buying and selling process today, Nobul has built and deployed a permission-based enterprise blockchain platform on IBM's Hyperledger. This enterprise blockchain will not only provide a distributable record of what was agreed to between consumers and their agents, but also eventually all of the accompanying agreements that are typically established with third-party providers including lenders and insurance companies, and possibly even title companies, lawyers, and appraisers. With these additional contracts on the blockchain, Nobul expects to dramatically streamline and simplify the current end-to-end real estate transaction process.
Further, as Nobul continues to develop its technology and blockchain capabilities, it also plans to incorporate event-based smart contracts—technology which will be used to automate a significant portion of what is currently done through secondary agreements, schedules, conditions, waivers, and associate manual processes. This is expected to significantly reduce disputes and expedite the closing process, bringing a greater degree of stability and peace-of-mind to both consumers and real estate related professionals alike.
"At Nobul, we plan to make the entire real estate journey for home buyers, sellers, and their agents as simple and easy as possible, and we believe that blockchain is part of the solution," says Nobul Chairman and CEO, Regan McGee. "Blockchain will not only help users through the arduous contract process, but will also give them a sense of comfort knowing that their contracts are safe and secure, and most importantly a sense of trust that Nobul's platform will provide a level of transparency and audibility that is missing in the industry today."
SOURCE Nobul Corporation
Edited by V. Haviland
Join us in Madrid from the 13th to the 16th of November for the Property Portal Watch Conference.