BitBay: Making Real Estate “Smarter”
BitBay is a decentralized marketplace and provides customizable smart contracts for rental agreements
The real estate industry has been slow to adopt digital services. Reams of paper documents are still the standard in a world that deals with a large amount of third-party intermediaries like banks and lawyers. BitBay’s smart contracts offer a cheaper, faster, and more secure way to process contractual documents and monetary funds without the need of middlemen.
What are Smart Contracts?
Smart contracts are lines of code designed to mimic an actual written contract. However, unlike a paper or verbal agreement, the program code can react to events like expiration dates and process any cryptocurrency used for the agreement. In the BitBay application, smart contract transactions are viewable through the public blockchain and all parties involved are kept anonymous. When currency transactions take place through the blockchain, they are typically processed within seconds, costing the sender only a few cents.
Custom Smart Contracts For Rentals
BitBay’s use of Double-Deposit Escrow (DDE) in smart contracts requires a deposit from the involved parties that is returned once the contract is successfully completed. Landlords can use the Custom Contract Template (CCT) tool to edit the DDE terms and request a deposit from the renter to secure the contract. Completed contracts are recorded in the public blockchain, eliminating any potential for payment confusion. DDE rewards honesty, and the agreements created are unbreakable and self-enforcing.
Custom Smart Contracts for AirBnB-style Reservations
Hosts can accommodate guests in their homes or rentable spaces and use BitBay’s smart contracts to receive payment. This can be done with CCT by creating two custom smart contracts — the first can be designated for the booking reservation and the second one can relate to the duration of the stay. The booking reservation contract may use DDE to charge the guest party a negligible booking fee to guarantee the reservation. Keeping the booking contract separate from the rental contract makes it simple for the guest or host to change the rental contract as needed.
Upcoming Templates
The BitBay marketplace allows users to advertise and process smart contracts all in one application. We are currently designing more custom smart contract templates for popular types of rental agreements. Once completed, the upcoming BitBay mobile app will streamline the process of selling and renting spaces.
Learn More About Us
For more information about BitBay:
- Check out our brand new website and online forum
- Walk through the app on our YouTube channel
- Learn about new features in our monthly updates
- Tweet at us @BitBayofficial
