Blockchain Provides Simplified Solution for Contract Headaches

In a traditionally opaque industry, Nobul seeks to make the real estate transaction process more transparent by integrating blockchain technologies with its online open digital marketplace.

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Real estate broker platform Nobul Corporation launched a new platform architecture that has made tracking and managing contracts more transparent and auditable, the company announced in a press release September 6.

Blockchain As Pain Relief

The company’s August release includes a wave of new customer-centered functionality and benefits, as well as a fresh blockchain technology especially designed to record and manage key contract-related transactions.

NOBULThe undertakings pertain to four key contracts between home buyers or sellers and agents that negotiate via Nobul’s platform. The contracts include: Listing Agreements, Buyer Representation Agreements, Broker-to-Broker Referrals and Working with a REALTOR (a consumer advocacy agreement specific to Ontario, Canada).

Over the coming months, the Toronto-based company plans to implement and support the standard-form real estate contracts, used in executing real estate transactions across all 50 states and 10 provinces in the U.S. and Canada, through blockchain.

Nobul has also built and deployed a permission-based enterprise blockchain platform on IBM’s Hyperledger. It will assist them in managing the chaotic web of contracts involved in the home buying and selling process.

Nobul Chairman and CEO Regan McGee stated in the release:

“At Nobul, we plan to make the entire real estate journey for home buyers, sellers, and their agents as simple and easy as possible, and we believe that blockchain is part of the solution.”

Transparency and Audibility Supplements

The enterprise blockchain will provide a distributable record of the agreement between customers and their agents. The company hints that eventually, all of the following agreement typically established with third-party providers such as lenders and insurance companies as well title companies, lawyers, and appraisers. Through blockchain, Nobul looks forward to dramatically streamline and simplify the present end-to-end real estate transaction process.

McGee continued:

”Blockchain will not only help users through the arduous contract process, but will also give them a sense of comfort knowing that their contracts are safe and secure, and most importantly a sense of trust that Nobul’s platform will provide a level of transparency and audibility that is missing in the industry today.”

The corporation also plans to incorporate event-based smart contracts — technology that will be utilized to digitally facilitate, verify, or enforce the negotiation or performance of a contract.

The Canadian company isn’t the only one. In Netherlands, Kadaster, the country’s land registry, started in testing a blockchain tech solution for the national real estate data.

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Blockchain Provides Simplified Solution for Contract Headaches
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Blockchain Provides Simplified Solution for Contract Headaches
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Real estate broker platform Nobul Corporation launched a new platform architecture that has made tracking and managing contracts more transparent and auditable.
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Ibinex News
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