Preview the Future of PropTech

The future of PropTech, will actually be the part of the future of FinTech. A number of high level technologies, have swiftly come about that will cause this transition in these opposing but similar technology industries.

Currently data and contracts are separate. Perhaps your property software merges data into pre-made templates, for example to produce a tenancy agreement, this is not what I mean.

Imagine a digital agreement that is not only binding like the real-life counterpart, but it is also its own enforcer of those terms.

For example a pre-sales agreement made between the Vendor and a Purchaser of a property. Within this agreement, it states both parties to pay a deposit to an Estate Agent, and on completion of the sale, the deposits returned.

Currently this type of agreement requires a manual enforcer and trust in the Estate Agent’s processes.

This will change with Blockchain technology, a decentralized verifiable ledger that can handle things like currencies, assets and rules. A good example is Ethereum, a basic blockchain level coding tool, that allows programmable contracts. Allowing logic and rules to tie into real-life finances and investments, in a reliable and trust-less manner.

Now back to the example, how does a contract become self enforceable.

If we built this sales contract on a blockchain, we could store value in the Cloud. Effectively connecting say a payment API to receive the funds and a payment API to pay out the deposits. We could then link the contract to the Land Registry API, as the trusted source of the approval, which could trigger the rule to pay back the deposits.

We could go further and add time limit clauses, that if a sale is not completed by such a date, then both deposits pay out to a certain party automatically.

Understanding this, you may see that the future of PropTech will be also the future of FinTech, as we merge Assets, Money into programmable agreements.

Do you agree?

What else do you think the future of PropTech will hold?

You May Also Enjoy

Breaking News

Breaking Property News – 05/12/23

Daily bite-sized proptech and property news in partnership with Proptech-X.   Stafford Railway Building Society partners with climate and energy Proptech PropEco UK-based lender The Stafford Railway Building Society (SRBS) has partnered with leading climate-tech company PropEco, enhancing its ability to assess energy performance and anticipate the potential impacts of climate change across its mortgage portfolio. Through the partnership, PropEco will…
Read More
Breaking News

Breaking Property News – 04/12/23

Daily bite-sized proptech and property news in partnership with Proptech-X.   OnTheMarket has a new owner CoStar Group who looks to become the UK’s number one property portal With more than nine out of every ten existing shareholders in OnTheMarket, the present third largest property portal in the UK, voting to accept the sale of…
Read More
Love or Hate Rightmove
Breaking News

Rightmove 2024 forecast: prices to drop by 1% as competition increases among sellers

Rightmove predicts that average new seller asking prices will be 1% lower nationally by the end of 2024, as the market continues its transition to more normal levels of activity following the frenetic post-pandemic period.  Motivated sellers are likely to have to price more competitively to secure a buyer in 2024, and agents will work…
Read More
Estate Agent Talk

Pflugerville, TX: Emerging Trends in New Home Construction

The Rise of Sustainable Living in Pflugerville Nestled in the heart of Texas, Pflugerville is witnessing a significant shift towards sustainable living in new home construction. Builders and developers are increasingly focusing on eco-friendly materials and energy-efficient designs. This trend is not just a nod to environmental consciousness but also a response to the growing…
Read More
Home and Living

How to Choose the Best Shower Cabin For Your Budget

If you are looking for the best shower cabin to fit your budget, then allow us to be a guide on this shopping adventure! Whether you’re looking to invest in something luxurious and timeless or something more affordable and modern, it can be daunting knowing where even to start. Fortunately, we have all the key…
Read More
Breaking News

Breaking Property News – 01/12/2023

Daily bite-sized proptech and property news in partnership with Proptech-X. Full material Information Guidance B & C published by NTSELAT all you need to know New guidance for sales and letting agents covers all three phases of programme Aim is to help agents to meet their existing legal requirements under the CPRs Material information guides…
Read More