25 Mar 2019
The transparency and security of data, the capability for conducting swift and protected conveyance of information and value as well as the unhindered access granting to both data and assets for the holders of private keys would make the blockchain technology a perfect compliment to one of the few everlasting industries - the real estate. Hardly any sphere of non-virtual business is more lucrative and reliable than the one that deals with real property.
In 2018, 5.5 million houses were sold in the United States alone, with the overall commercial real estate market estimated at $4.5 trillion with the global market reaching as high as $228 trillion. However, this industry also suffers from such recurrent problems as high entry barriers for the investors, data management issues which could be solved with the use of the blockchain technology.
Despite the obvious fact that blockchain and real estate are meant for each other, there is only a handful of startups that tried to bring them together with Global Property Register (GPR) being among them.
Global Property Register is a blockchain startup that operates in the United Kingdom. The project was founded by the international team of experts with Gregory Pwol holding the position of CEO. Mr. Pwol is a seasoned project manager who has previously worked at the London-based companies GlaxoSmithsKline and Data Experts.
Victor Mbotor Elemi is GPR’s Chief Marketing Officer who has devoted most of his career to the banking sector in Nigeria. Both these specialists have successfully passed the ICO KYC procedure thus raising the level of credibility of the project.
The mission of Global Property Ownership involves finding solutions to the four pressing issues that have been haunting the real estate industry for many years if not centuries.
The decentralized application called XRX built on the Ethereum platform will serve as the foundation for the ecosystem of Global Property Register fueled by the ERC-20 token of the same name. The token could be used as the mean for investing in real estate and acquiring returns on the investment as well as use the network functionality listed below:
Global Property Register is currently conducting the pre-ICO token sale which will last until the 17th of May. The ICO itself will begin on June 1 and take as much as six months. The actual pre-ICO price of one XRX token is $0.005. The project offers a bounty program and can already boast a prototype of the GPR dApp. The ICO hardcap is estimated at $25 million.
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