The real estate sector is, was, and always will be, a considerable part of the economy. According to a report by PWC, the lines between traditional real estate and new entrants is becoming blurred, mainly due to technological innovations. The report further indicates that companies who are unable to change and evolve will be left behind. This is mainly because money is flowing into this sector, and companies who can use technology to give themselves the slightest edge will stand out. Blockchain will not just give a slight edge, but a huge edge, over conventional data storage systems. The global real estate market is currently worth $217 trillion, and much of the associated data storage technology is deprecated.
Domineum and BaaS
Domineum definitely qualifies as one of these new technologies in the real estate space, mainly dealing with property registration. They are providing existing organizations with blockchain as a service (BaaS) technologies to make them more streamlined. Like a lot of other sectors, real estate suffers from numerous issues regarding data storage, efficiency a, d transparency, especially now that the blockchain era is here. Distributed ledger services can be provided to migrate real estate documents, physical and virtual, that are held by corporate and government entities on behalf of landowners, as well as directly by the properties owners.
The fact is that there are numerous requirements to register property in different countries, and it is a laborious and document intensive process. It involves much back and forth between tax departments, property registration authorities, lawyers, and local councils. It is, in many ways, the opposite of a streamlined process.
One of the core aims of Domineum is to have an online database of real estate documents that is secure and can be queried by those with the required levels of access. They also provide advanced survey technology along with geospatial interfaces. Real estate is the target area, however other areas under consideration are:
- Medical records
- Vehicle ownership
- Anti-Fraud Platforms
- Backend Financial Systems
- Solutions are Needed
Much of the real estate data storage technology is not even modern by typical software standards, not to mention the blockchain solutions that are emerging. The company that can provide commercial outlets and government departments with an effective and streamlined blockchain solutions via BaaS will be a huge asset in itself.
Domineum provides the answer to an obvious real estate issue and is not a “solution in search of a problem” as many new blockchain companies have been described. They are a boon to the real estate and property registration industry. Data integrity is paramount in the real estate sector, and making it easier to store and access documents will be a marked improvement for landowners, government entities, and commercial real estate outlets alike.
Digital Nomad with an interest in Zen and Blockchain technology.
Law graduate with 3 years experience as a consultant in the capital markets industry and 4 years experience freelancing on UpWork as a Creative Writer.