Holland has seen the launch of Blandlord.com, a shared property ownership site where proof of ownership is exclusively dealt with using the Bitcoin blockchain.
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Blandlord, the latest of several products from Dutch Blockchain startup Biccur, debuted September 14 with the goal of providing part-ownership of real estate via “shares,” for which owners are automatically paid their appropriate share of rental income.
“For ordinary people investing in real estate is often a bridge too far with the amount of work, the financial obligations and the search for tenants,” Blandlord’s website states. “Our aim is to solve these problems.”
Robert Nederhoed, CEO of Blandlord and Biccur, has been a long-term investor in bitcoin and spoke enthusiastically about the potential of blockchain in real estate to local news publication Telegraaf back in August.
“We hope within five years to have transacted over 100 million euros in real estate,” he said. “Regarding the blockchain; this is just the beginning.”
The blockchain itself will function as the service’s bookkeeping tool, Nederhoed highlighting the need for transparency in this area, something already reiterated by other Blockchain real estate startups throughout the world.
“The Blockchain makes [worldwide property shares] all possible in an immutable database,” he said during a presentation at StartupFriday, a platform run by Dutch bank ABN AMRO, last month. “In our Blockchain and our database, this makes the process transparent.”
Biccur marks continued faith in the Blockchain in Dutch circles. The country has been a pioneer in providing consumer-oriented Bitcoin ideas, such as Bitcoin Boulevard in The Hague and “Bitcoin City” in Arnhem. The latest round of innovative blockchain products, however, signal a greater commitment to the benefits of the expanding technology.
Blandlord and its ilk come at time when traditional banking in Holland is reporting serious problems.
While smaller-scale banks are sponsoring disruptive startups, Dutch flagship bank ING announced it would be cutting 7,000 jobs over the next five years in a bid to save 900 million euros, a move described by a senior politician in neighboring Belgium as a “horror show.”
Comments from the bank itself meanwhile appear to tell a different story.
“We’re strong right now, we have good results, we are growing and then you have to do the repairs, and not when you don’t have any choice any more,” the Guardian quotes CEO Ralph Hamers.
The cost of making staff redundant will cost ING over one billion euros in the next quarter alone.
What do you think about the Blandlord concept? Let us know in the comments section below!
Images courtesy of Shutterstock, Blandlord.
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