First-Ever Real Estate Blockchain Portal Set to Launch in the UKBy Dec 05, 2019 1 Min Read
OpenBricks, a new blockchain-powered property portal in the UK, is set to be launchedin January 2020 following months of testing and preparation with six agents.
OpenBricks is eyeing to be the world's first blockchain-based portal as it won’t have any centralized authority, as well as many staff because it will thrive on agents’ own servers using a distributed ledger network.
It expects to attract many real estate agents who are faced with huge costs of utilizing the main portals. Each branch is to be charged £100.
The Chief Operating Officer at OpenBricks, Adam Piggott, noted: “The blockchain technology will prevent us from turning the screws and hiking up the fees; it will be the agents who decide that and not the board of OpenBricks. It’s your portal.”
He added: “Our decentralized portal will be a big ‘spider’s web’ network linking agents together and enabling them to control how they share their listings rather than handing it over to a portal – because with OpenBricks there won’t be a central entity.”
Piggott believes that the OpenBrix model is different because it is blockchain-powered for the first time outside the financial spectrum across the globe. Additionally, each estate agency will be required to pay the same amount. They will also be provided with one vote that they can utilize when being balloted on issues like marketing budgets.
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