Can you sell your house on blockchain?
This year we in Blockchangers did a design sprint with the innovation department in OBOS, Norway’s largest housing developer and a cooperative.
Our common goal was to find the best way to use blockchain technology in the property management. OBOS chose to move forward with the issue of real estate transaction process. The result is a prototype solution that is ready to use.
Buy an apartment in few seconds
The prototype simplifies the real estate buying process for buyers and sellers. Instead of many weeks, a lot of paperwork and financial risk you can buy and sell the apartment in just few seconds. All thanks to blockchain at the right spot at the right time.
Through this solution you can transfer property rights from one owner to another, sign legal documents and take payment online.
The main bank of Norway DNB are joining in on the project. The transaction between seller and buyer is going to be made in Norwegian krone. That's why these days OBOS is in dialogue with Finanstilsynet, the Financial Supervisory Authority of Norway.
The future of real estate
The role of real estate agents might change with new technologies like blockchain. Executive Vice President of Management and Consulting in OBOS, Morten Aagenæs, says that in future there will still be a need for real estate agents to market and sell property, but in a different way.
Solutions on blockchain will save time and money by releasing the resources currently used for registration and settlement.
Looking for volunteers!
Today OBOS are looking for sellers in Norway owning “aksjeleilighet” to test the prototype solution in real life. Reach out to OBOS if you want to be the first one ever to sell your apartment with the help of blockchain technology.
News magazine Digi.no wrote an article about us. Here is the summary and link to the article in Norwegian.
If you want to learn more about Blockchangers and blockchain, feel free to reach out to us.
Want to work with this? Follow us on Hub.no for updates on open positions, or just email us.