Hello fellow steemits and the world.
I am Omar, a 33 year old entrepreneur specialising in the Proptech industry. I am currently the product director of Landmax.pro, a software as a service platform that handles and automates processes within the property industry.
Personally I am a big fan of crypto-currencies, and have tried as hobbies practically everything from mining, investing to short trading.
Everyone has most likely posted about Steemit in a million ways, so I will generally post content from my expertise. Focusing on the impact, new technologies like crypto-shares will have on the property market in particular.
For instance, when we ask ourselves, what is the future of PropTech? Industry insiders are actually thinking that it will be a major part of the future of FinTech.
I will be considering many aspects for future posts, but consider a simple property agreement.
Currently data and contracts are separate. Perhaps property software merges data into pre-made templates, for example to produce a tenancy agreement, or a sales agreement. This is not what I mean.
Imagine a digital agreement that is not only binding like the real-life counterpart, but it is also its own enforcer of those terms.
For example a pre-sales agreement made between the Vendor and a Purchaser of a property. Within this agreement, it states both parties to pay a deposit to an Estate Agent, and on completion of the sale, the deposits returned.
Currently this type of agreement requires a manual enforcer and trust in the Estate Agent’s processes.
This is expected to change with Blockchain technology, a decentralised verifiable ledger that can handle things like currencies, assets and rules. A good example is Ethereum, even though it is currently having some recent issues.
Any platform will do, as long as there is a basic Blockchain with strong amount of nodes securing this chain and with the ability to embed programmable contracts.
Allowing logic and rules to tie into real-life finances and investments, in a reliable and trust-less manner.
Now back to the example, how does a contract become self enforceable? How do we make this impact real-life?
If we built this sales contract on a blockchain, we could store value in the Cloud. Effectively connecting say a payment API to receive the funds and a payment API to pay out the deposits. We could then link the contract to the Land Registry API, as the trusted source of the approval, which could trigger the rule to pay back the deposits.
We could go further and add time limit clauses, that if a sale is not completed by such a date, then both deposits pay out to a certain party automatically.
Understanding this, you may see that the future of PropTech will be also the future of FinTech, as we merge Assets, Money into programmable agreements.
Do you agree?
What else do you think the future of PropTech will hold?