Project Overview
SMARTRealty is developing a platform that is focused on the practical application of smart contracts and blockchain technology in real estate transactions in a way that is possible with current technology. Smart Realitys' goal is to make real estate transactions more transparent, efficient, secure, and understandable. Real estate transactions can be some of the most complicated and burdensome undertakings many people ever participate in. Even the simplest lease agreement is rarely fully understood by the parties signing it. Additionally, enforcing the terms of these contracts can take significant time and effort on both sides, landlord and tenant. Many landlords these days waste countless hours in their attempts to collect rent payments from their tenants and terminating the tenancies of those who are unable to pay, and many tenants have trouble recovering security deposits or compelling landlords to do repairs in a reasonable timeframe or otherwise abide by their various obligations under the law and the terms of their leases. SMARTRealty believes that many of these problems can be solved, or at least be significantly reduced, by applying smart contract technology to the real estate sales and rental market.
No one can deny that a digital revolution of some form is currently taking place. This is creating a huge opportunity to change the way we transact, especially on a person-to-person basis. Cryptocurrencies like Bitcoin, Ethereum, and SMARTRealty tokens are in a prime position to transform the way we transact with one another, and smart contract technology can transform the way we record and enforce contracts and agreements, therefore reducing the need for long drawn out court battles and dispute resolution processes.
The purpose of SMARTRealty is to allow the users to execute, record, and enforce real estate transactions using a system of smart contracts known as SMARTRealty Contracts. The smart contracts can replace traditional contracts such as leases/tenancy agreements, owner financing agreements, contracts for sale, and even mortgage agreements. What makes SMARTRealty contracts preferable over traditional contracts is that they can easily remove various human elements outdated technology resulting in a reduction in legal, accounting and transaction costs, and a significant reduction in fraud, corruption and legal disputes and their associated costs.
Research has it that the popularity of single-family residence rentals has increased tremendously in the U.S. over the last several years.
THE PROBLEM BEFORE SMART REALITY WAS CREATED
Contracts made between individuals with little to no legal counsel, as most rental and lease agreements, are often the subject of dispute, debatable obligations and meanings, and countless misunderstandings. Every jurisdiction in every civilized country in the world is full of landlord-tenant disputes and courts are over-burdened by these disputes every day. Even real estate purchase and sales agreements handled with the help of lawyers, real estate agents, mortgage brokers and lenders, escrow companies, title companies, and other third parties are the source of many legal disputes.
Whether it's a landlord failing to return a security deposit to a tenant, a tenant disputing the deductions the landlord made to the security deposit, a landlord attempting to terminate the tenancy of a non-paying tenant, or a seller who owner-financed the sale of his home and now needs to foreclose due to non-payment, this is a market that could seriously benefit from the rigid terms and conditions and automated and autonomous processes that smart contract technology can provide.
THE SOLUTION TO THE PROBLEM
The SMARTRealty platform believes that while the contract disputes may not be easily eliminated/destroyed by the team completely, it can be significantly reduced, as well as the time and effort spent settling them, by applying smart contract technology to certain types of agreements.
SMARTRealty's goal is to initially apply smart contract technology to residential leases, and provide a platform for landlords to advertise their rental units and homes to potential tenants, with SMARTRealty smart contracts governing the transactions.
Over time, as laid out in the roadmap, the team plans to branch this platform out to include residential and commercial real estate transactions, including rentals, sales, and even nontraditional transactions such as owner-financing and lease-option agreements.
THE PROCESS OF SMART REALITY
When completed, the SMARTRealty solution will consist of a network of websites where landlords, tenants, real estate buyers, and real estate sellers all connect with one another, unlike many real estate portals already in existence.
Where the SMARTRealty platform differs is in the websites which will facilitate the SMARTRealty contract process as well, thereby walking the users through every aspect of the transaction from negotiation to agreement, execution, and payment.
WHAT IS A SMART CONTRACT?
Smart contracts help you exchange money, property, shares, or anything of value in a transparent, conflict-reduced way while avoiding the need for a middleman. Smart contracts not only define the rules, terms, and penalties of an agreement in the same way that a traditional contract does, but they can also automatically enforce those obligations or enforce the agreed upon penalties for failure to perform obligations.
Patrick Hubbard said and it quotes:
“Smart Contracts are where the rubber meets the road for businesses and blockchain technology. While a few highly specialized distributed financial services use cases for blockchain have appeared—for example, payment ledger services for the Yangon Stock Exchange in Myanmar. Its services on top of blockchain that is really interesting. In the Yangon Exchange, it solves the problem of distributed settlement in a trading system that only synchronizes trades twice a day. But the autonomous execution capacities of smart contracts extends the transactional security assurance of blockchain into situations where complex, evolving context transitions are required.
And it’s this possibility that has Amazon, Microsoft Azure and IBM Bluemix rolling out Blockchain-as-a-Service (Baas) from the cloud.”
INITIAL TOKEN OFFERING
An Initial Token Sale is an event in which an organization swaps all or part of an amount of blockchain-based tokens for other cryptocurrencies in order to raise funds. Token holders are incentivized through loyalty rewards based on the amount of tokens owned. The potential increase in the value of the token, due to its usability for various different applications, is also a driving incentive for participants.
We believe that token sales are the future of crowd sales. This token sale also represents the perfect opportunity to invite people, especially from the world of blockchain and cryptocurrencies, into the SMARTRealty community and enable them to take part in this success story by contributing to all aspects of the project, from product development to marketing to strategic partnerships.
The SMARTRealty token is called RLTY. The total RLTY token allocation is explained in the chart below:
SUMMARY
At SMARTRealty, the team believes that it is time to revamp the standard processes involved in real estate transactions, with the goal of reducing the likelihood of disputes and long drawn out court battles and making it easier for all parties to be aware of their obligations and enforce the agreed upon penalties of failing to abide by those obligations. Just like how the internet changed the world in the last millennium, cryptocurrency is changing the world now!
This will bring lots of development to the people and I recommend that people should try and participate. It's worth it!
FOR MORE INFORMATION ABOUT SMART REALITY, PLEASE VISIT:
Website: www.smartrealty.io
Whitepaper: http://smartrealty.io/whitepaper/
Telegram: https://t.me/joinchat/BaF91g_sD4e0Jrmv5Idisg
Bitcointalk Thread: https://bitcointalk.org/index.php?topic=3124983.0
Twitter: https://twitter.com/rltytoken
Author: Prinox2
Twitter. . https://twitter.com/Prinox2
Facebook. https://www.facebook.com/Prinox1
Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=1318207
