China-based Xinyuan Real Estate’s blockchain platform UPRETS will offer digital tokens for some condominium units in Xin Development Group’s Oosten property in Williamsburg, Brooklyn. The project offers1, 2, and 3 bedroom units.
UPRETS is a permission blockchain based on the X-BOLT consortium chain. It is designed to communicate easily with other blockchains. Smart contracts have been written on the blockchain to link each token with partial ownership in the Oosten property.
The blockchain has a website as a mobile app that allows users to access it while going about their daily tasks.
UPRETS currently allows payments only from Bitcoin blockchain. It will add Ethereum in the future. Communication regarding the purchase of URT tokens will be on OmniLayer. X-BOLT generates both public and private keys of potential investors. It ensures that adequate security features are provided in the private keys to withstand hack attacks. Only authorized nodes will be able to access smart contracts and validate transactions.
The real estate developers will not need to create any additional infrastructure as all the details regarding the issuance of tokens, keeping a record of transactions, and the UPRETS platform will handle settling claims. Also, small investors can get a stake in the real estate business as tokens can be bought for as little as $1.
As blockchain technology is used in UPRETS, security, and immutability of recorded transactions is ensured.
The problem of lack of liquidity of real estate projects will be addressed as URT tokens can be traded in secondary markets. The usage of the OmniLayer protocol for inter-chain communication becomes important here as it can adapt to different exchanges and allows trading 24/7. It makes URT token attractive even for trading purposes.
UPRETS carries out routing testing to identify vulnerabilities of its platform to ensure the security of the tokens.