#Asia Ironclad contracts: Averspace launches blockchain p2p house renting in Singapore

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Homeowners and potential tenants can now ink a secure deal through an online platform

Averspace

Singapore P2P real estate startup named Averspace has announced the launch of a new feature of its mobile app – blockchain-enabled house rental.

Homeowners and prospective tenants can enter into a digital tenancy agreement right on their smartphones, without needing both parties to meet face to face – all communication can be facilitated through the in-app online chat feature. Additionally, it is environmentally friendly as printed real estate contracts and agreements are not required, either.

Also Read: P2P hits real estate sector in Singapore with Averspace mobile app

Averspace said it has filed a patent for this new update. Currently, it will be available only for rental agreements. In October this year, Averspace signed a partnership with blockchain smart contract company Attores to integrate blockchain technology into its platform.

Without getting too diving too much into the technicalities, the blockchain system ensures the signed contracts are unalterable, making it hyper secure. In addition, it expedites the contract signing proceess. Of course, the subject of blockchain’s reliability is still up for debate, but Averspace believes its solution of combining blockchain with mobile apps is the way forward for a traditional industry such as real estate.

And it seems that this hopeful future does not include the middle man – property agents.

Image Credit: Averspace

 

 

 

 

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