Omar Kassim, the Dubai-based founder of online marketplace JadoPado, launches a new startup that aims to facilitate real estate transactions using blockchain technology, Reuters reports.
“We are aiming to mesh real estate with the Ethereum blockchain,” Kassim tells Reuters in an interview.
“We are initially looking to build a real estate asset management business, which involves putting together portfolios of global real estate assets. This is the basic mechanics of buying, operating and eventually selling a variety of assets.”
Kassim, who recently sold his company to Noon, the e-commerce conglomerate headed by Emaar Chairman Mohamad Alabbar, has ventured into the world of real estate with a new platform he is calling Esanjo.com.
Esanjo is a global real estate asset management business on the Ethereum blockchain, which is an open-source blockchain platform that makes it possible to build and use applications that run on blockchain technology.
Properties that exist in the blockchain are termed ‘smart property’. Transactions of property are conducted via ‘smart contracts’ – digital rules in the blockchain that process the agreement and any specified conditions. Buying and selling could still take place via agents, or the smart contract can be advanced to incorporate sale rules and make this decision automatically. The blockchain for each property grows as transaction blocks are added, according to the University of Sydney’s Business School.