Property markets worldwide are far from transparent. Middlemen drive prices upwards, red tape impedes the dynamic development. Blockchain, however, may change it all. Digital Asset Live Editor-in-Chief talked to Mark Lloyd, Max Property Group MD. His firm has developed Max Crowdfund, a blockchain-based solution to the above problems.

Q1: In your view, which functions of the current property market may be placed on the Properblockchain?

A1: The most obvious property transactions to be placed on the blockchain are land registries (ownership, property details, historic transfer details), property management (maintenance instructions and invoices), investments (loans, bonds, mortgages) and licenses (construction and occupation). Once all is placed on blockchain technology we would have a truly transparent property world.

Q2: Which of the above is already implemented in Ardor, your blockchain?

A2: With Ardor you could essentially implement all of the above, but obviously apps need to be built on top of it. The main important requirements are that the assets created on a blockchain are controlled assets (tokens only transferable between approved accounts to ensure compliance with financial regulators) and phased transactions (for property management, so the tenant has a complaint (boiler broken), the property manager accepts the complaint, the repair man accepts the job, the job is signed off by the tenant and the property manager and the invoice is added, approved and paid).

Q3: Is this your own proprietory blockchain?

A3: No. Ardor is a blockchain owned by Jerlurida. We opted for a BaaS solution as the child chain solution offered by Ardor had all the functionality we needed. This eliminates the expensive task of developing your own blockchain, maintain a node network, etc. Ardor is also proof of stake and we like this energy efficient system.

Q4: Do you envisage a more global application of Max Crowdfund platform? Let’s have a look at a utopian scenario.

A4: Our ambition is certainly to go global. From a utopian perspective we would like to have all land registries on blockchains that can communicate with each other, as this would allow 100% transparency on ownership, values, historic transactions, etc.

Read more: https://digitalasset.live/2020/01/09/max-property-interview/