Chainlink will power Latin American real estate platform and added a new blockchain use-case for the sector so let’s read more today In our chainlink news.
Chainlink will automate rental payments for property owners to a Latin American real estate paltform and the tokenization of the global property markets is setting quite the goal of the blockchain space and DEFI by offering a novel solution for the sector to pick up the pace. The decentralzied oracle network chainlink will power the real estate paltform and will serve the property market in Latin America. LaProp will allow investors to buy tokenized shares in different real-world properties that will yield a percentage of income from the rental payments.
LaProp will look to leverage Chainlink Keepers’ node operators’ track record by securing billions of dollars invested in the DEFI market and the decentralized automation service still carries out risks for smart contracts on the BNB chain while automating the secure and rental payouts to the token holders. The platform aims to give retail investors the ability to gain exposure to the real estate that will otherwise be inaccessible because of the large amount of capital required to enter these markets.
Chainlink’s ability to handle smart contract functions will see the rental paid by the tenants automatically and distributed to token holders of a given property. The payment term and schedule can be edited per property as well. The goal of tokenized real estate ownership is not something new but the promise of a tried and tested service to manage the rental payments has the potential to attract renewed investor interest.
The dreams of blockchain-powered real estate ownership were looking quite shaky almost a year ago as a few tokenized real estate projects laid out the groundwork for realization tht hit turbulence. This led to experts casting aspersions on the future integration of the sector. While other industries saw blockchain-powered platforms surge, the tokenized real estate market is yet to boom with only a few operating platforms allowing users to acquire ownership of the property via tokenized shares.
The closest solution to the chainlink-powered platform is a Web3 business solution Lofty AI which gives users the ability to invest in listed properties and get shared ownership which provides access to governance decisions and a share of the rental income similar to what LaProp offers. The firm “Proptech” grabbed headlines in 2022 as its own token saw major gains and the company facilitated the sale of the property NFT in the US for 210 Ether. It also saw the TechCrunch founder’s apartment in Kyiv sold. Other projects emerged and focused on helping investors gain access to finance. Fintech startup Milo launched a service that gives users access to 30-year mortgages by leveraging BTC as collateral against a loan.
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