The use of blockchain technology is one of the big noises in real estate right now as disruptors seek to revolutionize the industry.
A Spanish-based firm says that it has created the future of international property buying and vacation rentals with a platform based on the technology, which also underpins digital currencies such as Bitcoin.
Zillios says that its platform addresses the “inefficiencies in the current real estate market.”
The firm says that current online portals for real estate listings lack transparency and are mainly domestic-focused, whereas its platform is global, transparent, and more efficient thanks to the use of ‘smart contracts’.
Whether Zillios is successful in its stated aim to “shake up and transform” the real estate market remains to be seen but with bold claims comes with a disruptive business model.
The platform is using a commonly-used technique in digital commerce as its model, pay-per-click bidding.
Homeowners, real estate agencies and real estate developers will be able to influence the ranking of their listings depending on their marketing budget.
The firm says that the efficiency of the blockchain technology enables it to operate a no-commission model.