PropOps launches IOTA-based software for property management
Source: kaprik – Shutterstock
- PropOps leverages IOTA Tangle to provide a checkbook software solution for the real estate industry.
- The solution is already live and is being presented to the partners of the technology company.
In the previous AMAs and “IOTA Talks” Dominik Schiener has already pointed out that the real estate sector is an interesting area of application for the IOTA Tangle. For example, the IOTA co-founder said in late January that the real estate industry in particular was very interested in IOTA’s future tokenization and smart contract capabilities. In addition, Schiener revealed in mid-December that the IOTA Foundation was already working with a first real estate partner to implement IOTA Access.
Just days ago, PropOps, a technology company based in Ludwigsburg, Germany, announced that it was leveraging IOTA Tangle to provide institutional owners and real estate businesses with “a real estate portfolio held by a checkbook.” . As part of the solution, PropOps acts as a service provider to aggregate real estate transaction data and deliver browser and smartphone applications based on its cloud infrastructure. The solution is already online.
https://t.co/3xEHZMJxMY can now document the maintenance history of your decentralized and tamper-proof real estate portfolio in the blockchain. The Germans call this “scheckheftgepflegt”. Many thanks to @iotatoken Foundation and its #Smart city and #Supply Chain initiatives! pic.twitter.com/TKPXjILTd2
– PropOps (@propops_cloud) February 15, 2021
Here’s how the IOTA-based checkbook works
Like Chris Muller highlighted in its latest edition of “HelloIOTA Roundup”, the company is not a startup. The founders, Alexander and Philipp Feil, have been in the real estate business for over 10 years with their Feil, Feil & Feil GmbH and have over 90 employees worldwide.
With PropOps, the brothers offer a real estate management software solution that aims to eliminate the “trust problem” of the real estate industry. The solution enables business owners and real estate owners to gain the data sovereignty they need “to meet the accelerating market, the growing value share of construction services and the ever-growing need for information in asset and portfolio management ”.
Similar to the automotive sector, PropOps aims to provide a “checkbook” software solution for the real estate sector that records all data in a tamper-proof and transparent manner on the IOTA Tangle. In addition, along the way, “partial automation of asset and facility management will be possible, paving the way for significant use of sensor technology and robotics”.
Ultimately, PropOps also creates a gateway to real estate service providers via the FieldPass cloud-based microservices infrastructure, developed and deployed within the group of companies for 10 years.
Using PropOps, service providers must prove that they have completed their tasks – a hash of the information is then stored on IOTA Tangle. This creates a tamper-proof record of when, what was done. As Mueller explained during the HelloIOTA Roundup, the potential of the solution is huge:
Just to give you an idea. They offer their services for assets worth more than 1 billion euros. To be clear, the owners of these assets have not yet agreed to use the IOTA-based solution, but they are now talking to them and describing the benefits that such a solution would have.