The "Agents de la Propietat Immobiliària de Catalunya (API)", is a renowned organization leading the brokerage mediation sector in the region. Real estate development is a sector often characterized by extensive paperwork and complex contractual agreements, is no exception. Enter API, a forward-thinking institution dedicated to providing tailored services and technological solutions to real estate developers. With a focus on personalized assistance and advanced technology, API aims to revolutionize the management of digital systems in the real estate industry. At BLOOCK, we are proud that API continues to trust us for their innovative projects.
The institution faces the undeniable reality that integrating new services into their management platforms requires a robust cybersecurity mechanism. This mechanism must facilitate the management of document custody and signature evidences securely. Additionally, it must address technological challenges in identifying contractual parties and incorporating a trusted third party to act as a witness and review the conditions to ensure legal, economic, and physical compliance.
To meet these challenges head-on, API's team will implement a private contract management system based on blockchain technology, digital identity, and digital signatures. This system aims to ensure the authenticity, immutability, and timeliness of provided information, as well as the identification and contribution of relevant documentation through a trusted third party.
Key features
1. Uploading Contractual Bases: Parties can upload contractual bases and necessary documents to a digital platform, securely recorded via blockchain.
2. Reading Documents: All involved parties and trusted third parties can access and read uploaded documents, with evidence of reading recorded on a blockchain-based Audit Trail.
3. Video Identification: Parties can undergo video identification in front of trusted third parties, ensuring compliance with legal and procedural requirements.
4. Digital Signing: Once identified, participants can digitally sign documents with evidences of authenticity and validity recorded on the blockchain.
5. Third-Party Review: Trusted third parties review the entire process and add their signatures via the platform, validating the correctness of the contract signing process.
6. Secure Document Storage: Upon contract formalization, all documents and evidence are stored securely on a distributed storage system like IPFS, with encrypted end-to-end access provided to involved parties.
7. Verification Portal: A verification portal allows parties to audit the entire process, providing blockchain traces and signature validation.
By leveraging blockchain technology, API addresses the inherent challenges associated with traditional platforms, eliminating the need for a central authority and ensuring data integrity, authenticity, and timestamping throughout the document lifecycle.
As API embarks on this transformative journey towards advanced identity management, the potential for innovation and growth is immense. By embracing cutting-edge technology and fostering collaboration with industry partners like BLOOCK, API is poised to redefine the real estate landscape, setting new benchmarks for efficiency, trust, and global reach. As the project unfolds, it promises to empower API agents and enhance the real estate experience for clients, solidifying their position as a leader in the brokerage mediation sector.
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