Source: Kaprik – shutterstock
- PropOps relies on the IOTA Tangle to provide a checkbook software solution for the real estate industry.
- The solution is already live and is currently being presented to the technology company’s partners
In previous AMAs and “IOTA Talks”, Dominik Schiener has already pointed out that the real estate industry is an interesting area of application for the IOTA Tangle. For example, the IOTA co-founder stated at the end of January that the real estate sector in particular is very interested in the future tokenization and intelligent contract functions of IOTA. In addition, Schiener announced in mid-December that the IOTA Foundation is already working with a first partner from the real estate industry to implement IOTA Access.
A few days ago PropOps, a technology company based in Ludwigsburg, Germany, announced that it was relying on IOTA Tangle to provide a “checkbook-maintained property portfolio” to institutional owners and corporate real estate. As part of the solution, PropOps acts as a service provider that bundles real estate operating data and offers browser and smartphone applications based on its cloud infrastructure. The solution is already live.
https://t.co/3xEHZMJxMY can now document the maintenance history of your real estate portfolio in a decentralized and tamper-proof manner in the blockchain. The Germans call this “checked bookkeeping”. A big thank you to the @iotatoken Foundation and their #SmartCity and #SupplyChain initiatives! pic.twitter.com/TKPXjILTd2
– PropOps (@propops_cloud) February 15, 2021
This is how the IOTA-based checkbook works
As Chris Müller emphasized in his latest edition of the “HelloIOTA Roundup”, the company is not a startup. The founders Alexander and Philipp Feil have been in the real estate business with their Feil, Feil & Feil GmbH for more than 10 years and employ more than 90 people worldwide.
With PropOps, the brothers offer a real estate management software solution that is intended to eliminate the “trust problem” in the real estate industry. The solution enables business owners and property owners to gain the data sovereignty they need in order to “cope with the accelerating market, the increasing value share of building technology and the constantly growing need for information in asset and portfolio management”.
Analogous to the automotive industry, PropOps would like to provide a “checkbook” software solution for the real estate industry that records all data seamlessly and tamper-proof on the IOTA Tangle. In addition, “a partial automation of the property and facility management will be possible, which paves the way for a sensible use of sensor technology and robotics.”
Ultimately, PropOps also creates a bridge to service providers in the real estate sector via the cloud-based microservice infrastructure FieldPass, which has been developed and provided within the group for 10 years.
With PropOps, service providers have to prove that they have done their job. A hash of the information is then stored in IOTA Tangle. This creates a tamper-proof record of what was done and when. As Müller explained during the HelloIOTA summary, the potential of the solution is enormous:
Just to give you an idea. They offer their services for assets worth more than 1 billion euros. To be very clear, the owners of these assets have not yet agreed to use the IOTA-based solution, but they are speaking to them now and explaining the benefits that such a solution would have.