MoneySQ has created an easier way for real estate transactions to be completed. The crowd-funded blockchain developer and online money lending platform revealed their plans going forward. One of it is to push blockchain business platform TrustME to a connection with real estate by aligning themselves with the Hong Kong Real Estate Agencies General Association. As relayed by Fintech News, TrustME is a public business blockchain platform. MoneySQ is revealed the be the brains behind it and it is a P2P lending platform. Other partners in its foundation are Microsoft as well as the Hong Kong Applied Science and Technology Research Institute.
Like what has been happening in the marriage between real estate and next-gen technology, TrustME works by providing tracking and smart contracts for different industries. Aside from real estate, TrustME is looking to cater to traditional industries such as mortgages, government, and wine businesses, among others. This is to meet their bigger goal of getting SMEs to join the platform. They hope that these SMEs will adopt the technology in their processes as well as adapt to the development of smarter homes and cities.
The collaboration will mark the first time that MoneySQ will be using its blockchain technologies to secure a contract. In what can also be seen as a demonstration, MoneySQ is introducing the smartME contract, an electronic version of the traditional paper version of the Estate Agency Agreement for Sale of Residential Properties contract.
The contracts, signed through the web and stored via blockchain, enables people to be physically absent but digitally present in real estate transactions. Whereas before, the real estate industry was reliant on archaic fax-and-paper technology, the smartME presents a digital-and secure-solution. CW relayed that aside from contracts, photos and videos can also be stored in the blockchain, ensuring security in transactions even if it is done far away from each other.
Steven Lee, TrustME founder, and CEO, was forthcoming about the impending development in real estate transactions. He said that the change is billed 'revolutionary' and will be a big boost to the industry. It is also a boon to all citizens of Hong Kong, he added.
smartME can also be viewed as environmentally sound, he said. He reiterated that cumbersome paperwork is drastically reduced and other orders, which human intervention sometimes bungle, are now made more efficient with the use of smart AI.
