Dominium is the solution to Real Estate Industry

ernawendy (6)in #cryptocurrency • 5 years ago

Property management, administrative support, and transparent finance

If you are familiar with the blockchain technology, then you must know that it does not only affect the selling and buying of properties. Property management is a complicated task that involves the responsibilities of marketing and finance, facility, tenant and occupancy, and risk management without keeping aside the administrative tasks. If you are a property manager then you should be able to:

• Make marketing decisions

• Understand financial statements and profit/loss

• Manage landscaping, plumbing, electrical, etc.

• Respond to tenant request, schedule maintenance, and process rent.

• Maintain records and make sure that you comply with government filing requirements.

If you have read the 2018 report from IBIS World, property management is moving forward thus between 2013-2018 the average annual growth of property management was 6.5%.

The blockchain technology is capable of changing the entire management industry from management, financing, and support. Before I am sure that when blockchain was mentioned all that came into your mind was that it was a technology for the cryptocurrency, but now industry players have realized that the blockchain based smart contracts can have positive impacts in real estate dealings, thus potentially transforming the core of real estate operations.

Due to the World Economic Forum Survey, a majority of respondents believe that 10% of the global GDB will be stored through blockchain by 2025. This is why Dominium is the solution of the real estate

Why Dominium?

What would happen if you let all the real estate dealings be handled through the blockchain?

By placing property finance, property management, and listings on the blockchain and by providing a multi-lingual platform with standardized regulatory compliant documentation, the market is opened to multiple nationalities, affordability levels, and listing agents. Management, real estate finance, and trade are have been facilitated and much simplified.

Dominium offers two main platforms as services.

The first platform deals with investing in real estate. You can participate in the market with as little as one share or token, opening up real estate investment to anyone through the decentralized Asset Exchange. This will enable liquid peer-to-peer fund trading to be done between investors with no need of a fund manager or third party. Naturally, all users need to be identified and white-listed to ensure adherence to jurisdictional regulation.

The second platform offered by Dominium is the utilization of blockchain technology for managing person properties. Property managers, tenants, agents, and real estate professionals can record information on the blockchain. As a result, this fully decentralized information is truly transparent, impenetrable, and unchangeable by parties interested in recording information to their benefit. With a full property as well as renter transparency, in a combination of blockchain handling the bulk of the recording work, will make every service and transaction of the property management and rental business run smoothly and in a more advanced way.

How it works

To get involved in the property market, Dominium must first comply with major governmental regulations. It is necessary that Dominium should comply with know-your-customer (KYC) and the anti-money laundering (AML) laws.

Consequently, all users in Dominium will have to register with the platform to have full optimization of the platform functionality.

The verification process involves three clearance levels that enable the provision of:

• Email address (CL1)

• Mobile phone (CL1)

• A Valid ID (Passport, Driving license, Photo ID) (CL1)

• A recent proof of a physical address (such as utility bill or bank statement) (CL2)

• Tax Identification Number (TIN) (CL2)

• The Bank account details with the name of the account holder (CL2)

• A Self Certification of HNW status or Investor Type status (CL3)

• Companies may also create a tokenized asset (or security) on the platform. Platform administrators will go through these provided documents and verify them; this will vary depending on the country of the sender.

Verified details will usually include: