Role of blockchain concept to real estate development
Real estate development might be in for a futuristic change.
US-based listed firm Lighthouse Global Holdings is redefining the project development industry with new blockchain-powered sharing economy platform.
Company CEO Danny Lim recently met with Cebu media to introduce the concept.
The company is seeking to revolutionize the conventional project development industry and create a winwin-win environment for developers, funders and landowners through nextgen blockchain shared economy portal.
Lim explained the sharing economy platform called as "Projagg" will allow developers and funders anywhere in the world as long as there are landowners who place their land in the platform which runs on a distributed ledger technology.
Looking ahead, Lim said his company is open to developing future projects in Cebu using the platform.
“We aspire to raise around $3.6M to acquire a cutting edge sharing economy platform and enhance it with blockchain technology, which will enable us to disrupt the $6.5 trillion project development industry in near future. We are seeking investors, VCs (venture capitalists), developers, property fund managers, high net-worth individuals and corporate investment bodies to join hands with us to be a part of this revolution," the executive said.
Projagg is designed to solve the typical problems and trust issues that have been plaguing developers, funders and land owners for years in the conventional project development scene.
For centuries, developers have been the poor victims of failed projects due to lack of funds. On the other hand, investors too have suffered losses in millions due to fraud and misappropriation of funds by developers.
Such nightmarish experiences have turned funders wary and skeptical which eventually deprives honest small and medium size developers that are in serious need of capital to fund their projects.
Developers are also limited by their availability of manpower, funds, crossborder expertise and local resources.
Landowners too are not motivated to do joint venture given the ongoing scams and huge risk in development. Instead they rather sell or wait for capital appreciation.
Lim said his company seeks to change the entire scenario for by creating a beneficial environment for developers, funders and also landowners.
Uber, AirBnB and Kickstarter had proven that sharing economy is the new generation of how an economy can work effectively and efficiently using idle resources, sharing profits and benefits with everyone in the value chain.