Leading property communication and transaction platform, Transactor, has opened up new avenues by enabling the use of Contracoin: a blockchain real estate platform that allows buyers and sellers to rapidly transact properties anywhere in the world.
Transactor, whose foundations are based on taking the friction out of property transactions with world-first innovations, has been quick to welcome the inception of blockchain and tracking of smart contracts. Prior to this, Transactor laid the groundwork for a number of patented breakthroughs.
For example, Transactor compressed the average time needed for property professionals such as agents, conveyancers, property developers and financiers to convert pages of contracts into automated workflows, allowing all participants to track, manage and transact in real-time.
The technology, based on Optical Character Recognition (OCR) and robotics, allows users to upload a contract and convert all the terms, conditions and critical dates into easy to follow visual timelines for all parties to transact on.
As a result, thousands of properties have settled on time, and in some cases, earlier.
This is where Contracoin comes in. Contracoin is currently the only token that allows people to buy and sell property anywhere in the world.
According to Barry Lipscombe, the founder of Contracoin: “There are several other cryptocurrencies available, however the majority of them are for fractional real estate and tokenised real estate.”
“The advantages, particularly to overseas buyers, is the movement of funds globally. It facilitates that moment without all the restrictions, time delays and costs in normal everyday transactions,” he said.
Contracoin owners can benefit from price shifts in tokens. If the price of Contracoin were to rise, owners will be able to capitalise on price hikes. For example, if you have $20,000 worth of Contracoin, and it doubles in value, you will now have $40,000 worth of Contracoin to add towards your deposit.
One Contracoin CTCN is currently worth about 24 cents.
“We’ve got over US$500 million worth of properties already in our system where the sellers will accept the Contracoin token as the payment for those properties,” Mr Lipscombe said.
“The higher the volume of properties increases, the more valuable the tokens can become.”
“This is a technology currently not provided by traditional banks.”
For the skeptics out there, you may be asking: does Contracoin actually work?
Mr Lipscombe, who has more than 28 years’ of experience selling real estate globally, is seeing the rewards.
“We’ve already sold and settled a property at Palm Beach and have several more under contract that are being built,” he said.
“Prior to setting up the Contracoin token, we’ve been involved in the trade exchange industry for the last 29 years using trade dollars to purchase properties. We’ve done billions of dollars worth of transactions.
“For one of our developers, we settled more than $1.6 billion worth of properties.
“We assisted Sunland Group in converting the Contracoin CTCN Token to cash prior to settlement. We have a large number of developers who accept a percentage of the selling price of their properties in the Contracoin CTCN Token.
“Contracoin assists the developers by facilitating the conversion of the CTCN Token to Fiat currency through the cryptocurrency exchanges and OTC markets.”
Shaneal Sharma, the founder and chief executive officer of Transactor, is excited to offer its platform to Contracoin to conduct property transactions.
“In a property transaction, there are so many moving parts and parties to navigate through, such as listing the property, making offers, auctions, finance, conveyancing, insurance, building and pest inspections and settlement,” Mr Sharma said.
“Whatever the future holds in a property transaction, the one thing that is certain is that people want transparency and communication every step of the way.
“Property is one of the biggest investments of our lives, and whether we transact in cash or crypto – we still need to track the progress of a transaction and move towards future-proofing the industry. That’s where Transactor comes in.”
From searching for your new home to settling and moving in, Transactor lets users track their entire property journey live. Through its easy-to-use platform, users can connect to all the required parties for their property purchase.
Director of REA Global Michael Mrowka said he believed this was a game-changer for the future.
“The emergence of blockchain technology and IoT helps people save time and money and become more independent, however the increase in data and blockchain mining greatly increases the energy required to power this revolution and that’s where we come in,” Mr Mrowka said.
“REA Global has developed solar power and storage solutions to power these blockchain mining and data centres to ensure the impact of this emerging technology is not detrimental to our goal of a renewable energy future.”
Part of this technology revolution is the renewable energy revolution and REA Global is at the forefront of accelerating the world’s transition to sustainable energy.
The REA Global partnership allows transactor users, partners, and affiliates to access world-leading solar power and renewable energy technologies at discounted rates, and CTCN can also be used as payment for its products and services.
Now, property buyers and sellers using Contracoin will be able to track their transactions live via Transactor.