In a TechBullion interview with Contracoin CEO Barry Lipscombe, he shows how blockchain technology & cryptocurrency are revolutionizing global property transactions. He also shares his real estate platform where you can make transactions in cryptocurrencies.
1) Could you please tell us a little more about yourself?
I am Barry Lipscombe CEO and founder of Contracoin. I am also the founder and CEO of Contracard, a business to business global trade exchange that has been in business since 1992. With more than 28 years’ experience in the international real estate industry and global trading market, I have been selling real estate globally using a percentage of trade dollars in the selling price. So it was a natural progression moving to cryptocurrency as it is just another method of payment. Because of my past experience in the real estate market, we already have most of the processes in place to make a smooth transition into using the Contracoin CTCN token as a method of payment.
2) What is Contracoin about, could you explain it to us?
Contracoin is a global real estate blockchain-powered platform which allows property investors anywhere in the world to invest and beneﬁt from the international real estate market.
The ERC-20 Contracoin token (CTCN) is designed to streamline overseas property transactions and overcome challenges in cross-border remittances. Eliminating complicated banking processes and excessive fees, CTCN transactions will speed up fund transfers, reduce costs and remove restrictions associated with cross border transfers. The ultimate aim is to empower Contracoin investors by enabling them to purchase real estate globally using CTCN for up to 100% of the selling price.
3) How are you utilizing blockchain technology in your real estate solution?
Leveraging blockchain technology and smart contracts to eliminate manual errors, Contracoin ensures that transactions will be secure, transparent and immutable. Contracoin aims to revolutionize the global real estate market. We have also developed a stable coin, the Contracoin AUDC which is equal in value to the Australian dollar. The AUDC stable coin was developed to avoid fluctuations in the Contracoin CTCN token which can have a significant effect especially when a property is purchased off the plan and the sale may not be completed, in some cases, up to a year later. We have developed a solution to automate the process by allowing buyers and sellers to log in to the Payments Portal on the Contraglobal Real Estate platform, which allows all relevant information, including payment terms and contract agreement, to be added to the transaction and also issue notifications to respective parties when action is required. It can accept payments in Contracoin CTCN, convert/exchange deposits into stable Contracoin AUDC tokens before locking up in an escrow wallet via a smart contract to protect against volatility. When the property is ready for settlement, it requires authorisation from both the buyer and seller in order to move funds from escrow, either back to the buyer or on to the seller.
4) What kind of services does your platform provide?
Contracoin, through its global real estate platform, Contraglobal, will ultimately provide a one stop shop for crypto investors from around the world to purchase real estate globally. The Contraglobal platform will provide all of the services required to streamline the buying process. This will include property management, solicitors, finance providers, along with a large selection of properties. Currently, we have in excess of USD$4,000,000 worth of properties where the sellers will accept up to 100% payment in Contracoin CTCN tokens.
5) How are you different from your competitors in this area?
Contracoin is currently ranked number 2 in real estate tokens on cryptoslate.com out of 26 real estate tokens that are available. None of the other real estate tokens can be used to purchase a complete property like you can with the Contracoin CTCN token. Most of the other real estate tokens can only be used for buying fractional ownership or tokenisation of a property.
6) What are the challenges you face in getting your solution adopted?
We already have the majority of systems in place to streamline the buying and selling of real estate globally. The next major challenge that we are encompassing is the marketing of our real estate platform, www.contraglobal.net to all crypto investors throughout the world and showing them the advantages of using the CTCN token to sell and buy property globally.
7) Could you share with us, the trends you see developing in this sector.
We are entering a new digital age in real estate transactions – using the blockchain and cryptocurrencies. At present, we are in early stages. Blockchain technology will revolutionize the real estate industry and has the potential to speed up funds transfer and give transparency, efficiency and cost savings for buyers, sellers and real estate agents by removing most of the inefficiencies in the main processes.
For more information, visit the: Contracoin.network