Bitrent Implements Blockchain Technology in the Construction Industry

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Blockchain Media Group

Excessive regulation of the market for end consumers has led to the demand for the democratization of the construction sector, which saw the cryptocurrency market as the light at the end of the tunnel. As soon as people believed that it is possible not only to enter this market, but also to leave it with solid dividends, the liquidity increased, which lead to the birth of new cryptocurrencies and the number of ICOs exceeding hundreds per month.

In addition to the fact that the transition to a digital form allows increasing the speed, safety and convenience of conducting operations, blockchainization also leads to a decrease in the need for intermediaries.

Necessary changes

The following changes in infrastructure will bring a number of positive changes:

  • Functional: there will be plug-ins for business logic and smart contracts;
  • Security: the possibility of transparent auditing in real-time with access to results for all parties, as well as guaranteed synchronization of data between bidders;
  • Management: the possibility of collective asset management that does not require trust;
  • Speed: accounting ready in a few seconds, not days;
  • Ease of use: the ability to work with any software on any trading platform.

Today, assets are being sold in indivisible units, determined by the construction plan (apartment/office). In practice, an apartment can have, at most, a few co-owners (most often this is due to the cost of additional expenses, such as for the processing of documents). If the investor believes in the growth in value of a particular house, he needs to buy a particular apartment with its advantages and disadvantages. As a result, he needs to pay the full cost of the apartment, and not the amount that he is willing to invest.

The blockchainization of assets will allow the release of tokens that are equal to a micro-share in the whole house: for example, one square centimeter. In this case, the construction company will act as the issuer of tokens. Thus, the investor will receive his own share of the house, not a specific apartment. He can buy and sell any amount of living space on the stock exchange or directly from the builder. Thanks to this opportunity, it is possible to buy out the space gradually, rather than putting in the whole amount and losing money as a result of inflation. After that, if desired, one can exchange the required number of tokens for one particular apartment/office. While the tokens are with investors and are being traded, the issuing company can rent out the respective areas and distribute the profits among the owners of the tokens.

The most interesting fact is that, if one puts all the buildings in an area on the blockchain, a token can be created that will represent the average share in the construction of a whole neighborhood. In this case, the investor can invest in the growth of the price of the buildings in the whole neighborhood—for example, if he believes that a new metro station or Google office will be opened there soon. If we take this even further, it is likewise possible to create an index for a whole city and a country. Investors will choose an acceptable investment strategy for themselves: from investing in a particular building to a country as a whole.

Basically, the blockchainization of construction assets is a process of transformation of asset storage and management, where each asset is assigned a digital duplicate.

The realities of the construction market

By 2050, about 75% of the world’s population will live in metropolises, and for this it will be necessary to build more than 3 million houses. It is becoming obvious that the construction of such a large number of buildings might take eternity, if we also consider the issue of guest workers. The construction industry is in dire need of a completely new approach. Moreover, it is very important not to forget about natural disasters, because, when these strike, the buildings that are built in the traditional way can unexpectedly turn into high-rise coffins. In this case, it seems reasonable to build buildings that are absolutely autonomous.

Regarding state orders, these are suitable only for a large numbers of apartment blocks, which are completely impractical for modern life. There is an enormous need for a platform that will provide society at large with the opportunity to vote for construction projects, and will allow each user to monitor the stages of construction process and carry out transparent operations.

We believe that the “construction boom” will not occur in the West, but in the following parts of the world, characterized by both a high population density and large-scale urbanization: Asia, South America, and Africa. These are dynamically developing economies, whose population is actively starting to show interest in cryptocurrencies.

In light of this, the blockchainization of the construction market and the platform for crypto investment is already now in a position to change outdated views and open the door to new opportunities.

The solution

BitRent is exactly what we need for the blockchainization of the construction industry.

The purpose of the BitRent platform is to achieve a dominant position in the construction industry in several years by dividing a building into small building elements and placing them in the blockchain system. Thus, the platform will open the doors to the field of investment for an increasing number of people, ready to change the outdated and unprofitable construction formula. We follow a well-established and reliable model: we divide building objects into shares, which are then introduced into the blockchain system.

We already have a working prototype of the platform, the first building project – Unity Tower, and all the functionality for the introduction of the blockchain into the very heart of construction. Our team has been working in the construction industry for more than 15 years, and a few years ago we decided to move away from the old management model and digitize the entire process.

We believe that such a technological breakthrough will allow people to interact with the objects being built in a completely new way, and receive significant profit.

Quite recently, the BitRent company has successfully completed the Pre-sale phase, and launched its ICO last month, plus, the tokens of the company, RNTB, are already on the crypto-exchanges. Now, the ICO is still ongoing, and very soon – in mid-February – BitRent will already officially launch its platform, when the first building object in its history – Unity Tower – will be presented.

In addition, two more construction projects will be located in Hungary and Romania. In total, in the March-April period you will be able to take part in the acquisition of 3 projects on the BitRent platform.

However, the important news does not stop here, and we’re happy to inform you that the RNTB token is already available on the crypto-exchanges Yobit.io, Exrates.me and Bit-z.com, and we have signed contracts with strategic partners from countries in the Middle East, Europe and the USA.

Friends, you can also meet us face-to-face at the following conferences, where BitRent will speak as a key partner:

  1. International Blockchain Summit in Dubai on March 4-5
  2. Conference in Moscow on March 1
  3. Blockchain Conference in London on March 10

4. Conference in Berlin on February 27-28

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TheBitcoinNews.com – leading Bitcoin News source since 2012

Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. The information does not constitute investment advice or an offer to invest.

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