Forbes recently published the article: The Future Of Real Estate Transactions On The Blockchain after news that Miami is considering allowing people to pay property taxes with crypto. This proposal follows after a $28 million property was purchased entirely using a cryptocurrency. If people are willing to accept a digital asset as a form of payment, then this way of thinking will become more regular. So, where can blockchain fit into the real estate transaction landscape, and what are Voxtur Analytics Corp (OTCMKTS:VXTRF, CVE:VXTR) doing to get ahead of this market trend?
“Blockchain has several interesting places to play in the real estate transactions place. One of the places that I really like blockchain is in that smart contracts concept where let’s say you have a purchase and sale situation our certain milestones, an application for a loan or an inspection, with the smart contract it can activate and validate the timing and the result of those certain milestones. It really becomes a living breathing repository for validated data.” “and prevents fraud or prevent delay and give transactional clarity to a transaction and do it more efficiently and effectively and reduce the cost of the transaction with greater certainty.” – Voxtur Analytics CEO Jim Albertelli
The problem with crypto is the volatility. For example, the value of a transaction could drastically change from one day to the next if using Bitcoin (BTC) – as the price changes so violently intra-daily. But there are lots of aspects of the blockchain that can help PropTech companies like Voxtur. For example, concepts like automated transactions and real estate smart contracts can make the property transaction process more efficient, transparent, quicker and cheaper.
Voxtur’s proprietary platform integrates each segment within the real estate transaction chain. As a result, everything is streamlined and connected. In addition, all data within each transaction is stored on a blockchain. This saves time, accuracy, and significant costs on every property transaction.
“Voxtur has a tremendous data store that has been validated to third party source to public records, etc., so that is data you can rely on. When you take a digital asset and database or put in a property address, and you want to validate the value, all along every day, every second, every minute, you want to validate the tax status, the transactability of the asset, or the ability to borrow against it. Voxtur provides all of those validated elements that allow you to do it.” – Voxtur Analytics CEO Jim Albertelli
Voxtur has spent the last three years building its platform to consolidate each component of a property transaction. Voxtur’s one-stop-shop platform combines escrow, title search and insurance, property tax assessment, and, soon, automated attorney opinion letters. With the biggest dataset, by far, in the PropTech industry, Voxtur is automating all the components they have amalgamated under one roof.
“A lot of the human jobs being done today to physically look at these records we could train computers to do to examine, to do more efficiently and effectively and reduce the cost of homeownership and allow for greater transactional freedom. That’s what we’re doing in the tax world, the settlement service and the title world. That’s what we’re doing in the valuation world. We don’t build our technology for tomorrow. We build it for 10,000 tomorrows. If you look at what Voxtur is doing with validated data, putting it into a data mesh and delivering data as a service, in other words answering questions before they’re asked, Voxtur is actually optimizing each component piece throughout that real estate transaction ecosystem.” – Voxtur Analytics CEO Jim Albertelli
Even if using the blockchain throughout the property transaction is still in the future, it doesn’t mean it won’t eventually become the new norm for the real estate industry. Voxtur is on its way to making that concept its reality.
Watch the full CEO interview to learn how Voxtur is defining the future of real estate using the blockchain.
00:00 – Voxtur Analytics ($VXTR $VXTRF) CEO Jim Albertelli
01:03 – The Future of Real Estate Transaction on the Blockchain
4:10 – Smart contracts
05:16 – Voxtur using blockchain
06:54 – Voxtur AI automation
09:29 – real estate interstate inconsistencies
12:37 – Winner takes all