How Rentible Is Revolutionizing The Real Estate Industry With Blockchain Technology | Bitcoinist.com
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Every generation sees a fundamental innovation revolution. In the 20th century, the internet brought us closer. The 18th century ushered in the industrial revolution, while the 17th century enlightened humanity through the Renaissance.
many already believe that in the future people will look back at this current stage of early blockchain startups and compare it to the Internet Revolution of 1994, in which inventions like HTML and FTP became the cornerstones of the web as we know it today, pinning blockchain technology as one of the defining inventions of the 21st century.
Rentible seeks to be a first-mover in this market by launching its state-of-the-art dApp in both web and mobile interfaces. Focused on addressing the masses of people, not only the tech-savvy ones, with a streamlined experience unavailable anywhere else, Rentible’s vision involves streamlining the entire house hunting and property management experience for prospective homeowners and tenants, while gradually exposing them to the blockchain via an intuitive UX and its wide range of features conducted in the background, making the process not only cheaper through disintermediation, but also safer
Property Technology (proptech) as it exists today, is highly centralized. While that brings a certain amount of control, it also has its obvious disadvantages and decade-old pain points. The decentralized nature of blockchain and its disruptive ability to centralized structures means that proptech is primed for synergetic fusion with blockchain.
Rentible aims to pioneer a new age of real estate by targeting the mid to long term market and solving many of the primary problems currently facing it.
In the United Kingdom alone, victims lost almost a billion pounds to fraudulent deposit schemes.
a case in Florida where 18 families fell victim to a rental scam by the same online culprit. Each family transferred upfront a deposit of $1000 to secure the same property, while the property did not exist.
The scammers use stolen IDs and fake personalities to fraud the victims, often renting the same non-existent property to multiple people, leaving the victims stranded with no recourse.
The immutability nature of the blockchain makes it a natural resource in solving this problem.
Not only will users be able to send/receive rent-related payments in different cryptocurrencies, but any “average joe” landlord, the type who only hears about bitcoin in the media but doesn’t know how to open a wallet, will now be able to receive rent payments in crypto and accumulate on a weekly or monthly basis, which accrues value over time, unlike regular Fiat payments, significantly increasing the annual yield potential.
In addition to the increased privacy-ownership, moving the rental and property management process to a blockchain vertical will serve to remove the costly middlemen in many of these transactions.
The disintermediation of online property rentals will make the process much more streamlined for both parties – tenants and landlords, as the autonomous nature of the smart contracts will eliminate the problems of deposit withholding by non-cooperative landlords or agencies, and expedite the administration of multi-signature rental agreements across borders.
Rentible aims to already provide by the end of this year an initial commercial version of the platform and mobile apps as a beta, which will follow a closed MVP release to its community in the coming weeks. The team has stated its long term multi-year vision of expanding the utilities of the platform and building a robust ecosystem through a network of partnerships with other utility projects, that will divert from the current fad of “meme coins” and demonstrate the actual real-life applications and use cases of blockchain technology as a catalyst for global mass adoption in the coming years.
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