The well-renowned global real estate brand, RE/MAX has recently formed an alliance with XYO to create a decentralized title registry. With multiple companies all across the globe leveraging the power of smart contracts on blockchain, XYO has been utilizing a blend of IOT and blockchain to extend the utility of smart contracts to real-world objects. RE/MAX Mexico plans to channel the expertise of XYO to utilize the blockchain geolocation data in order to bring security and affordability to deed issuance as well as property management. Sergio Felgueres, the Chief Operating Officer of RE/MAX México showed his enthusiasm and anticipation towards the newly formed alliance by saying,
The use cases and possibilities in our initial discussions with XYO were intriguing, and we very much look forward to building out the deployment and deepening our relationship with the company.
The real estate industry like any other has tons of data that needs to be secured and maintained. Data maintenance can be problematic and a rather simplistic approach needs to be adopted when dealing with it. RE/MAX is dedicated to breathing life into simplistic solutions that include streamlining transactions and integrating the use of smart contracts to create immutable contracts that are executed, taking real-life data as input.
With the help of XYO, RE/MAX Mexico will incorporate the utility of smart contracts to simplify the complex relationships amongst the actors in the real estate industry that include buyers, sellers, brokers, title/escrow agents, and notaries. With all these people expected to meet strict deadlines, a blockchain-based application utilizing smart contracts and geolocation data to organize the transactions could essentially help the company improve and simplify the real estate process.
The applications of blockchain and smart contracts are truly endless. Real estate verification is only one of the application. The partnership has been fundamentally considered to be a step in the direction of a decentralized future where the true utility of smart contracts is realized. The co-founder of the XYO network, Markus Levin commented,
As more smart, forward-looking service organizations like RE/MAX México incorporate location verification and the blockchain into standard business processes, we’ll see increased efficiencies and seamless transactions, where both sellers and buyers realize process improvements and broader benefits.
The official blog post of XYO detailing the partnership with RE/MAX Mexico can be found here.