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How Relsify is leveraging blockchain technology to innovate in the African Real Estate space
Full Stack Developer and Cloud Engineer with 4+ years of hands-on experience designing, developing, and implementing applications and solutions using a range of technologies, platforms, and programming languages.
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The times they are a-changin
as the phrase of a popular song goes, this fits aptly to how digital innovations are changing the way we do things in today's present time. Searches for terms like crypto, blockchains, web3 , have come on an increase as the world seeks to understand some of the shifts that have been ongoing for years now.
One major innovation of these times is known as blockchain technology, what is a blockchain? A blockchain is a system of recording information in a way that makes it difficult or impossible to change (immutable), hack, or cheat the system, it is an architecture that gives participants the ability to share a ledger that's updated through peer-to-peer replication each time a transaction occurs.
This model has gained a lot of traction for its ability to take out the middleman, the traditional methods for recording transactions and tracking assets in the hands of a central figure are made redundant, We have seen how the rise of digital currencies like the bitcoin, ethereum, etc. built on this technology have taken the world by storm.
This brings us back to the center of our discussion.
Relsify is a property technology company incorporating blockchain technology to provide quality real estate experience by solving decades of real-time problems in the region (Africa). They plan to undertake this by taking physical real estate assets representing them as unique blockchain-based digital assets (security tokens) giving access to many to have fractional investments and stakes while also providing the liquidity and funding required by real estate developers. Taking Nigeria a country in Africa as an example, the country is faced with several crippling challenges in its real estate sector:
There is a huge housing and developmental deficit, a place like Lagos the economic capital of Nigeria has a shortfall of housing units to cater to its teeming population.
Limited access to funding by real estate developers
Poor document authenticity around properties often gives rise to disputes
Low foreign investments, as many have fears of doing business and have to resort to trying to find a trusted middleman
The purpose of Relsify is to act as a global decentralized marketplace where there is a low barrier of entry and the average Joe with as little as $1 can invest or have a stake in a piece of real estate. The developers host their properties and get access to fundings via transactions between them and the investors without the need for middlemen.
On the Relsify platform, the RELS token will act as the utility token or currency for the ecosystem , customers create accounts on the platform and check out verified properties they can choose to invest in, developers create unique security tokens for every property listed, which are given to the investors.
The Relsify ecosystem provides secure processing of these transactions by the power of the blockchain affording several benefits like:
It creates a safe pool for Developers, Investors, and Crypto Enthusiasts to access capital or properties that were previously inaccessible
Bring about global participation and foreign investments
Completely shatter the real estate investment entry barrier
Solve the issue of document authenticity by a blockchain-backed system of immutability
Simply ease of property ownership transfers to around 1-5mins
The list of novel benefits this innovation is bringing is quite endless, we are poised to see several more use-cases adopted in the times to come. For more information about Relsify and how they seek to implement this unique solution, you can check out their whitepaper on their website Relsify.
This is a rare oppurtunity to be an early contributor or stakeholder in something so innovative and disruptive, you are welcome to join the growing community here at https://t.me/relsify_official come and be part of the ongoing relsivolution! Thanks for your time.