ShelterZoom has announced the launching of its blockchain-based Real Estate platform in the US market. There are also plans for a full international launch within the first three months of 2018. It is touted a being the first ever successful implementation of blockchain technology in the Real Estate market.
Since 2014, there has been a marked expansion in the sphere of applicability of blockchain technology. The emergence of the Ethereum network has opened new vistas of possibilities for blockchain adoption. With the aid of smart contracts, developers are able to create intuitive program solutions that run on the blockchain.
Such is the impact of blockchain technology on the global stage that experts are promising even greater innovations in the future. Concepts like the Internet of Things (IoT), Machine Learning (ML), and Artificial Intelligence (AI) seem all the more likely given the power of the blockchain. The global business process has also been disrupted by the technology. The fintech market is rapidly expanding with more mainstream institutions tapping into the promise of the blockchain.
The ShelterZoom Platform
Real Estate has always been one of those industries that have been identified as being ripe for the blockchain intervention. There are many issues that bedevil the market ranging from poor technological support to reliance on inefficient contracting processes. The risk of litigation on account of Real Estate dealings is an ever-present concern. Despite the massive $217 billion size of the market, experts agree that there is a lot that can be improved upon.
ShelterZoom is an online service that provides offer and acceptance platforms for the Real Estate market. The online service runs on the Ethereum blockchain. It is designed to be compliant with the Real Estate Standards Organization (RESO) standard. The RESO standard is basically a framework that greatly simplifies the Real Estate process.
The ShelterZoom service essentially overhauls the Real Estate offer process. The aim of the service is to streamline and refine all the procedures that are involved in making offers in the Real Estate market. By implementing secure smart contract protocols, the level of paperwork is reduced drastically. The smart contracting framework also creates a degree of transparency that has hitherto been sorely lacking in the industry. With the power of the Ethereum blockchain behind it, the folks at ShelterZoom say that the fragmented nature of Real Estate processes will be a thing of the past.
The ShelterZoom ecosystem is made up of a dashboard, widget, and a mobile app. These three components work in tandem to create the robust offer and acceptance platform for players in the market. Speaking on the project, Chao Cheng-Shorland, who is the director and co-founder of the project said that ShelterZoom has the potential to provide support for the entire Real Estate industry. Cheng-Shorland further went to say the project has been designed and built in such a way that its protocols can be embedded into almost any Real Estate website.
The ShelterZoom website dashboard has been described as being both powerful and versatile. It provides users the ability to accept, reject, monitor, collate, and counteroffers. Users can perform each of these actions in real time. The dashboard has enhanced features that allow speedy communication between the parties in a Real Estate transaction. Useful protocol interfaces that enable push notifications and text messaging can be set up right from the dashboard. This greatly enhances the speed of Real Estate dealings as all parties can convey pertinent information in a timely manner.
Sergey Fradkov, a technical advisor at ShelterZoom is bullish about the potential usefulness of the service in the market. Fradkov expects the platform to be massively adopted by all major players in the industry. Apart from his position at ShelterZoom, Fradkov is also a partner at iDealMachine. He further went on to state that blockchains will allow for streamlined interactions between participants in the market. In his opinion, this will lead to the acceleration of the process of establishing connections between participants which will foster greater business opportunities in the Real Estate Industry.
The Offer NOW Widget
The Offer NOW widget is the first platform on the ShelterZoom service to be implemented. Signups are being accepted at the moment for the widget service. The Offer NOW widget can be embedded into any affiliate Real Estate listings website. All that is required is a few simple lines of code and the service will be up and running. For users who sign up before the end of January 2018 the service will be free of charge.
ShelterZoom Mobile App
The app is available on both Google Play and iTunes. Users can easily submit offer listings on the app. The ShelterZoom mobile app increases the convenience factor of the program. Real Estate transactions can be carried out on the go.
The Road Ahead for ShelterZoom
There are advanced preparations being put in place to launch the Rent NOW platform of the service. This is the rental platform will allow intending tenants to submit tenancy applications. This platform will come with its own dashboard and messaging feature.
With the service already live in the US, ShelterZoom hopes to expand its service to Canada, Europe, and Australia. Advanced plans have already been put in motion to see the service expansion taking place before the end of the first quarter of 2018.