SMARTRealty is a platform that allows for the efficient and effective implementation of the smart contracts protocol of the blockchain technology in real estate transactions fitting with modern technology. Applicable real estate transactions include rental agreements, property sales, seller financing etc. The SMARTRealty project is proprietary rights of the Limited Liability Company – SmartR Solutions based in Seattle, Washington. The ultimate aim of the project is to develop a system where anyone from anywhere in the world can buy or rent real estate with cryptocurrency.
To achieve this aim, a unique cryptocurrency called the SMARTRealty tokens – RLTY token was created. This ERC20 standard token of the Ethereum network is what powers the SMARTRealty system and accordingly, it will serve as the platform’s main payment system. The ICO of RLTY tokens is currently live until the 15th of May 2018. The tokens can be traded for fiat currency and cryptocurrencies like Ethereum, Bitcoin, and other established cryptocoins in the industry. These RLTY will be used to facilitate all transactions within the platform such as buying or renting real estate.
Features and services
- SMARTRealty has a smart contract platform that constitutes a template system which can be used by real estate contract creators to draft smart contracts that will suit their specific requirements and local laws of their jurisdiction.
- The listing platforms offered by the system enables property owners to list their properties for sale or for rent. Furthermore, these listings are further distributed to major real estate and rental sites on the internet via SMARTRealty.
- The SMARTRealty system also offers RLTY tokens which serve as the main means of exchange on the platform. Transactions can be conducted with other cryptocoins, however they are first automatically converted to RLTY tokens before the transaction is processed.
- SMARTRealty eliminates the issue of problematic contractual agreements between the landlords and tenants which are more often than not subject to disputes and misunderstandings.
- SMARTRealty fixes the issue of high transaction cost usually on account of third parties like in legal counsel and legal accounting needed in traditional contracts.
What makes SMARTRealty so unique?
- The smart contracts of the SMARTRealty system is error free, unlike human drafted contracts which are prone to errors that could lead to disagreements and disputes between three property owner and tenants later on.
- The blockchain offers transparency and trust which eliminates the potentiality of fraudulent and dishonest operations in transactions.
- In situations where a dispute is inevitable, SMARTRealty simplifies the agreement substantially reducing the time and effort that would have been expended in settling the dispute in or out of court.
- The SMARTRealty platform gives contract creators total control over the details of the contract. Details like the dates of payment, duration of the agreement, penalties for non-compliance etc. are determined by the contract creator.
The top priority of SMARTRealty is to build a transparent, secure and efficient platform for seamless real estate transactions as well as see to the possible elimination or at least a significant reduction in dispute resolution in real estate.