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Brik by Brik, a major UK-based property development company, is making a long-term bet on the growing cryptocurrency market. The company announced that it will launch Brikn, a DAO ecosystem on the blockchain.
The company says it will reward token holders with the earnings it will make from the real estate industry and plans to achieve a £50 million real estate portfolio over the next five years.
The move confirms the viability of crypto real estate investing, lowering barriers to investing in real estate through blockchain technology, such as the need for mortgages and illiquidity.
BRIKN will automate rent payment and distribution to token investors through smart contracts and the BRIKN Vault pledge platform, allowing investors interested in real estate to have voting and governance rights over the property through cryptocurrency, and can pay lower management fees, and lower investment minimums.
Efficient and simple transactions bring customers a decentralized investment option.
Brik by Brik Director Mark Goodman commented on the development, saying: “Investing in real estate has for a long time been one the world’s favorite tools to achieve financial freedom. Now, with blockchain technology, we’re making cryptocurrency real estate investments easier and more accessible to everyone. Imagine being able to have fractional ownership of multiple income-generating properties from an investment as low as $500. This is next-generation property investment powered through blockchain.”
The structure of participants in the real estate market is complex, including real estate buyers and sellers, intermediaries, developers, real estate owners, and state agencies that register real estate transactions. As a result, transactions to buy and sell properties are complicated as they often take 15 days or more to complete.
Blockchain has its unique advantages in resolving and manipulating property ownership and reducing transaction costs in the real estate market. The adoption of blockchain for real estate transformation has been a trend for some time, and is likely to permeate the ecosystem for much longer.
Image source: Shutterstock
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