A fintech company based in Pune, India, has implemented a blockchain-based registration system called RealX, which enables Indian citizens to acquire partial ownership of assets.
A report in the Economic Times said that RealX has partnered with Tripvillas, a vacation home rental service, to combine vacation rental property with usage and profit. Tripvillas will also be responsible for managing a basket of resort properties for co-investments.
According to RealX COO and co-founder Neera Inamdar, the COVID-19 pandemic is the main reason behind the launch of the platform as the instability of the real estate market worries both real estate developers and investors. Citing the return of a relatively stable market, she said:
“We offer ‘co-ownership of real estate by direct deed’ and it is in the best interests of investors to become a direct co-owner of the property.”
Roshan Lionel, Founder and CEO of Tripvillas, says the RealX platform will soon enable Indian investors to own international real estate on the platform in order to incentivize dollar gains.
Related: India uses the Ethereum blockchain to verify diploma certificates
While the stance of Indian regulators on crypto adoption remains unclear, the country continues to experiment with blockchain technology in non-financial sectors.
Recently, the Maharashtra government implemented a validation system to provide diploma certificates against counterfeiting using the Ethereum blockchain. In cooperation with the blockchain startup LegitDoc, the Maharashtra State Skills Development Council has started to issue digitally verifiable certificates.
LegitDoc is also in talks with several other educational institutions in India who intend to deploy a similar solution to combat ongoing document forgery.