BitRent Company Implements Blockchain Technology in Building and Construction Industry
BitRent aims to take the real estate market to a new cryptoeconomic level. The company plans to increase cryptocurrency capitalization up to $10 trillion on account of cryptoinvestor capital.
BIM, RFID and how they work
BIM (Building Information Modeling) is a technology that empowers investors to control construction process of the object. Equity holders will have 24/7 access to the information regarding all construction stages. Each and every stage will be clearly shown on smartphones and computers. All data is collected via Smart Contracts and RFID tags. Moreover, broadcasted will be new-built property sector. This is a brand new feature in real estate market that hasn’t been presented yet.
RFID (Radio Frequency IDentification) monitors transportation of construction materials, their availability and displacement around construction site. RFID tags read and send the data that is securely stored on RFID tags.
Owing to introduction of a unified online real estate control system, potential and actual market investors will gain access to a centralized information within decentralized industry. This system allows to control the construction of both commercial and residential real estate.
Capabilities of The BitRent platform:
- Real estate investing—any amounts at any construction stage.
- Digitized data—object operations via Smart Contracts, with all transaction information to be stored in Blockchain.
- Transparency—secured transaction records within decentralized register.
- In due time Blockchain will be valued more than gold within commercial real estate construction because this new technology is completely deprived of corrupt practices. Given that, all transactions will be effected within a unified, trusted and secure system with no error probabilities.
“We came to change the real estate world once and for all, just like Tesla company did to automotive industry. We are Oracle in real estate industry with the goal to change all real estate objects worldwide and increase cryptocurrency capitalization up to $10 trillion,”—says BitRent representative.
It is expected that the platform will operate at full capacity in October, 2018.
Only a year after the announcement, the company plans to come a long way from preliminary establishment of single currency for investors to market launch on the platform.