Blockchain to be used in contract management
TORONTO, Sept. 6, 2018 /CNW/ - Nobul Corporation ("Nobul"), a real estate technology platform that connects consumers with the right agent for them, is excited to announce that it has integrated blockchain technologies with its online open digital marketplace. A recently added blockchain component of Nobul's platform architecture has made tracking and managing contracts more transparent and auditable across the real estate transaction process which is a traditionally opaque business.
Alongside a rash of new customer-centric functionality and benefits, Nobul's August release includes the launch of a new blockchain specifically designed to record and manage transactions related to four key contracts between the home buyers/sellers and agents that meet through Nobul's platform. These include: Listing Agreements, Buyer Representation Agreements, Broker-to-Broker Referrals and Working with a REALTOR (a consumer advocacy agreement specific to Ontario, Canada). Over the coming months, Nobul plans to implement and support, on its blockchain, the standard-form real estate contracts that are used to execute real estate transactions across all 50 states and 10 provinces in the U.S. and Canada.
To help manage the tangled web of contracts involved in the home buying and selling process today, Nobul has built and deployed a permission-based enterprise blockchain platform on IBM's Hyperledger. This enterprise blockchain will not only provide a distributable record of what was agreed to between consumers and their agents, but also eventually all of the accompanying agreements that are typically established with third-party providers including lenders and insurance companies, and possibly even title companies, lawyers, and appraisers. With these additional contracts on the blockchain, Nobul expects to dramatically streamline and simplify the current end-to-end real estate transaction process.
Further, as Nobul continues to develop its technology and blockchain capabilities, it also plans to incorporate event-based smart contracts—technology which will be used to automate a significant portion of what is currently done through secondary agreements, schedules, conditions, waivers, and associate manual processes. This is expected to significantly reduce disputes and expedite the closing process, bringing a greater degree of stability and peace-of-mind to both consumers and real estate related professionals alike.
"At Nobul, we plan to make the entire real estate journey for home buyers, sellers, and their agents as simple and easy as possible, and we believe that blockchain is part of the solution," says Nobul Chairman and CEO, Regan McGee. "Blockchain will not only help users through the arduous contract process, but will also give them a sense of comfort knowing that their contracts are safe and secure, and most importantly a sense of trust that Nobul's platform will provide a level of transparency and audibility that is missing in the industry today."
About Nobul Corporation
Nobul Corporation, Brokerage is a disruptive real estate marketplace that makes the process of buying and selling a home more transparent, personal, and simple. Nobul's service platforms—both web and mobile applications—enable consumers to search for and hire the real estate agent whose combined services options, pricing, and reputation best suits their needs.
This press release contains "forward-looking information" within the meaning of applicable securities laws in Canada. All information contained herein, other than statements of current and historical fact, is forward-looking information. In some cases, forward-looking information can be identified by use of words such as "may", "will", "expect", "estimate", "believe", "plan", "would", "could" and other similar terminology. All of the forward-looking information herein is qualified by this cautionary statement.
Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by Nobul at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results, performance or achievements, results or events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that Nobul identified and applied in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to: economic and financial conditions and growth of the real estate services market, outlook for operations, expected financial results, expectations regarding Nobul's ability to complete the proposed financing, to attract and retain real estate agents as well as prospective home buyers and sellers, as well as Nobul's expectations regarding its growth strategy, timing, completion and scaling of its product offerings.
Inherent in forward-looking information are known and unknown risks, uncertainties and other factors that could cause Nobul's actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Given these risks, uncertainties and other factors, investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects Nobul's current expectations and beliefs regarding future events and operating performance and is based on information currently available to Nobul. The forward-looking information contained in this press release is current as of the date hereof and, except as required under applicable law, Nobul does not undertake to update or revise it to reflect new events or circumstances.
For further information: Nobul Corporation, Jessica Domingo, Communications Manager, Tel: 416-304-9044 x 2007, [email protected]