MyBit’s initial focus is crowdfunding the coming decentralized energy grid, but what other verticals are on the horizon?
One of the team’s favorite is the application in smart real estate – both commercial and residential properties.
What does MyBit do? MyBit uses Ethereum Smart Contracts to enable investments in revenue generating IoT assets such as solar panels, 3d printers, bitcoin atms, autonomous vehicles, etc. Smart Contracts govern these investments and process revenue distributions to investors in near real-time with no middle men or intermediaries taking fees. With standard IoT devices, the process is simple. Since IoT assets are interconnected and all of their usage data, payments, etc. runs digitally, they can easily integrate into a Blockchain solution.
Real Estate is different because there is nothing smart or interconnected about a brick and mortar structure. This is what, to date, has made Blockchain integrations into property unrealistic due to a majority of terms in leasing agreements having to be handled manually by humans.
MyBit solves this by designing a cost-effective machine to machine model. Buildings just need to be outfitted with Smart Locks such as those produced by Slock.it or similar service. Then payments can run directly on the Blockchain, and failure to pay in accordance to leasing terms results in doors being locked and unable to be opened by anyone other than the property manager/owner who controls the private key.
What does this do for real-estate investing? It enables the crowdfunding of new buildings (commercial offices, residential properties, etc.) in a secure, p2p model. Investors utilize MyBit to purchase an ownership stake in a development project. Once built and the space leased, monthly payments for the property are automatically processed by the governing smart contract and distributed to investors in a matter of minutes. Fully auditable, secure, cheap, and fast.
Like any completely new venture, regulations will play a major role on what can and cannot be done, but due to the superior model, there will be a lot of push for regulators to align laws with the best interest of this industry.
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