MarilynJean Interactive (MJMI.QB) aims to boost the real estate market by using blockchain technology.
The company, which provides safe and accessible services, acknowledges real estate is too important to allow inefficient and fraudulent contracts into the system. In the United States, the market alone passes approximately $6 billion every month, according to MJMI. With the introduction of blockchain technology, the market can prevent any deceiving and misleading deals.
“Using Blockchain technology could increase the efficiency of transaction processing and reduce, if not eliminate, property fraud,” MJMI explains in the press release.
Last week, MJMI announced their plan to integrate Ethereum’s platform into its operation. This addition will include the platform’s leading feature, smart contracts, which offers many advantages to the real estate market.
The company states: “Using ‘smart contracts’, a feature of digital currencies like Ethereum, which MJMI is also focusing on, [an] asset exchange could follow specific instructions encoded as part of the transaction to be executed automatically once agreed criteria have been met.”
MJMI joined countries such as Sweden and the Republic of Georgia who are experimenting with the blockchain for land title registries. By adding the blockchain, MJMI hopes to legitimatize transactions.
“We continue to receive positive feedback regarding our focus on Blockchain technology and believe we are positioning the company well to participate in how Blockchain technology will completely alter the way billions of dollars of assets change hand every day,” Peter Janosi, MJMI’s president said.