Chainwave at REIARICO Event
Chainwave’s Business Development Manager Greg Boutchard and I had the pleasure of attending the Real Estate Investors Association of Puerto Rico last night.
We met dozens of inspiring investors and entrepreneurs over the course of the evening .
Our angle is to help understand where our software and blockchain solutions can help with some of the pain points they’re facing here in Puerto Rico and beyond.
A few takeaways:
- There are a lot of deals going on and investors are very excited about opportunities they’re seeing in PR
- Savvy Investors are seeing great returns
-The meetup seemed to bring investors bringing money from the mainland to invest here in PR
- Puerto Rico doesn’t have an MLS
- A lot of partnerships on projects
- There are two disparate MLS-like systems
- Information sharing is very low
- It’s probably hard if not impossible to convince the current gov’t to move on anything organizing around real estate near-term
How Would Blockchain Help?
Part of our journey at Chainwave was building a blockchain-based land title insurance application called Allodeum for a client out of New York.
The Allodeum app we built allowed participants in real estate transactions to discuss & agree on terms at certain milestones and then upload the appropriate documents related to the transaction.
When quorum is reached in the app, data & documents are posted to a permissioned Hyperledger blockchain for permanent record-keeping.
That’s just one tiny part of the huge array of real estate problems that can be solved with software
We’ve got multiple meetings & discovery sessions with many of these investors.
We’re looking forward to understanding how we can build solutions to help leverage software to further streamline the real estate transaction process.