Real Estate

FinTech Startup Already Hosting Real Estate and Many Other Assets Using Blockchain Technology

Up until now, no real existing property-like asset has been able to utilize blockchain to raise capital.

Proof, Inc., an American startup based in Seoul, the rapidly advancing technological capital of Korea, has been able to allow users’ assets that have been screened, verified and complaint for legal and contractual purposes to be divvy-ed up into small ownership portions in the form of ‘tokens’. These tokens are currently priced from around $1-$3 allows anyone to buy fractions of real estate, lowering the barrier of entry to investment. On the other hand, it allows property owners to gain liquidity in their assets at a portion that they can control, in as little or large amounts as they want.

This type of fractional investment and ownership can be applied to any type of asset — from intellectual property, loans, or even funding your next laptop.

Traditionally, banks and other middlemen are the ones who, through a complicated process give out money to people who “need” it. These middlemen charge fees. They take time. Are — in large part — a headache to comply with. Now imagine, friends, family, or anyone around the world willing to fund your idea, project, whatever it is. By generating customizable legal agreements with Proof and the ability to log transactions over the internet — quickly and securely. The information It is always accessible to parties involved, which makes it easier what you really want — that money you need to fund something!

This is possible through a technology called blockchain. Which is basically a list of linked transactions that is stored on multiple computers with identical copies of said list. How is it different from what we already have? Anyone can have access to the blockchain, create a transaction and trace it back to where it came from creating visibility but in an anonymous manner.

For example, you want to buy a new laptop, it costs $1000, you don’t have that kind of money laying around, but other people might. You create an asset called “My Laptop Fund”. Now you try to get your friends to lend you $1000. So you create a contract, or legal agreement with an incentive, say 10% return after 1 year. This means you agree to give your friends who helped you out $100 in addition to paying them back, which you can afford, of course, after you do a whole bunch of awesome productive work stuff on your new computer. After all you need the shiny new laptop now, they have some extra money laying around, and you’ll have the $100 later.

So you issue that asset “My Laptop Fund”, create 1000 tokens at $1, make an agreement that you’ll pay 10% return, and the computer code takes care of the rest. When someone buys X amount of tokens, X dollars goes into your fund, and the tokens are bound to the agreement. Which means that any token holder is entitled to 10% of X, which you’ll pay in a year.

This process, while simple, is usually handled in everyday transaction, but with people you trust, or using banks and other services who create that trust but with fees, costs and more fees. With Proof, any kind of asset transaction can be translated simply, quickly, and securely over the blockchain network — share, trade, sell it, if they want with anyone around on the world, anonymously for free. Now it’s up to the user’s imagination to see what they can do with it with Proof’s suite of tools, marketplace, and technology. Proof’s business model is to listen and it’s provide users with what they need to use in their case, and how they want to use it.

Coming soon, this can be all done on-the-go with Proof’s Android mobile app launch on July 1st, 2017.

Want a piece of Proof? Look out for details on Proof’s ICO launch coming in October this year.

Have questions? Welcome to contact the Proof team on their website, or join the rapidly growing community of blockchain enthusiasts on our Slack. We strongly encourage those to do a little poking around on “blockchain” and “cryptocurrency”, as it is in a young phase and new developments happening daily.

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