A fintech company from Pune, India has launched a blockchain-based registration system called RealX that allows Indian citizens to purchase partial ownership of real estate.
A sort of report According to a report from The Economic Times, RealX has partnered with Tripvillas, a holiday home rental service, to mix the ownership of holiday properties based on usage and revenue. Tripvillas will also be responsible for managing the holiday property basket used for co-investment.
According to Neera Inamdar, chief operating officer and co-founder of RealX, the COVID-19 pandemic is a key driver of the platform’s launch, as the instability of the real estate market concerns real estate developers and investors. She cited the return of a relatively stable market as an example:
“We provide’direct co-ownership of contracted property’, and becoming a direct co-owner of the property is in the best interests of investors.”
Tripvillas founder and CEO Roshan Lionel said that the RealX platform will soon allow Indian investors to co-own international properties on the platform to incentivize dollar-denominated income.
Although the position of Indian regulators on the adoption of cryptocurrencies is unclear, the country continues to experiment with blockchain technology in non-financial sectors.
Recently, the government of Maharashtra implemented a certification system to provide Tamper proof diploma certificate using Ethereum blockchain. In cooperation with the blockchain startup LegitDoc, the Maharashtra State Skills Development Commission has begun to issue digitally verifiable certificates.
LegitDoc is also in talks with several other educational institutions in India, which intend to implement similar solutions to combat continued forgery of documents.