Remedying Market Problems
Innovative technologies have the power to solve outdated problems
Prevalent Fraud
Digital Currency Accessibility
Redundancy
Data Ownership
Liquidity
Deposits Withholding
- Scamwatch reported an increase of 56% in rental scam cases, with many related to the COVID-19. The estimated loss due to private rental property fraud in the U.K alone is £918 million (the Annual Fraud Indicator report)
- The most common are fraudulent deposit schemes, which occur when tenants pay an upfront deposit online to rent a property that doesn’t exist or was rented out to multiple victims in parallel
- International students constitute the majority of fraud victims
Less "technical-savvy" homeowners, landlords, and tenants can benefit from the ability to send and receive rent payments in digital currencies, yet such a mainstream platform doesn't exist yet
- Centralised platforms incur high service fees, as in the case of Airbnb which charges up to 17.2% from tenants and landlords
- Brokers and property management firms often charge very high commissions: in London, for example, an average of £404 are billed to tenants and 15% to landlords
- Centralized platforms holding personal data are susceptible to 3rd party hackings
- A recent report by the ID Theft Resource Center indicates that 1.48 billion records were exposed in previous years, with each record including private details in full, including Social Security Number, driver's license number, medical records, financial records, or credit and debit information
Many younger generation students or expats might incur difficulty paying rent on time or have available funds to use as a deposit and may greatly benefit from a way to connect to DeFi project to apply for short-term loans. Rentible will seek to resolve this as well via 3rd partnerships with established DeFi corporates
At the end of the rental period, tenants many times encounter a situation that their deposit is withheld and not paid back / only partially returned to them - often for unjustified reasons
Rentible seeks to establish a more decentralized marketplace connecting landlords and tenants in the mid-to-long-term rentals sector through a 360 experience: from search, through contract signing, to monthly payments, addressing these market problems through 5 vertices:
- 1.Decentralized economy - free of redundancies, outdated intermediaries, and centralized commissions aimed at mainstream adoption
- 2.Tamper-proof records to eliminate the risk of fraud, widespread online "let-and-run" scams, identity theft, and privacy manipulation
- 3.Autonomous contracts to enforce the validity and effectiveness of rental agreements and protect the parties on both sides (tenants and landlords)
- 4.Liquidity access to enable participants to use digital currency rather than exchange to local currencies (for example digital nomads on assignment in countries with low confidence in local currency)
- 5.First-to-Market dApp for real-estate rentals and metaverse properties management
Once the platform reaches a sustainable state, it will be able to cement its vision and help promote the increasing use of immutable records and blockchain-based transactions for fast and more secure rental transactions.
The added value of employing blockchain technology methodologies will allow Rentible to streamline “outdated” industry procedures, including:
- Community validation of contractual disputes
- Leasing of metaverse assets
- Conducting and concluding rental agreements digitally via automated Smart Contracts
- Autonomous management of deposit releases to protect tenants from bad faith acting landlords/agencies
Last modified 1yr ago