- PropOps is relying on the IOTA Tangle to provide a checkbook software solution for the real estate industry.
- The solution is already live and is currently being introduced to the technology company’s partners
In previous AMAs and “IOTA Talks,” Dominik Schiener already pointed out that the real estate industry is an interesting application area for the IOTA Tangle. For example, the IOTA co-founder stated in late January that the real estate sector in particular is very interested in IOTA’s future tokenization and smart contract capabilities. In addition, Schiener revealed in mid-December that the IOTA Foundation is already working with a first partner from the real estate industry to implement IOTA Access.
Now, just a few days ago, PropOps, a Ludwigsburg, Germany-based technology company, announced that it is relying on IOTA Tangle to provide institutional owners and corporate real estate with “a checkbook-maintained real estate portfolio.” As part of the solution, PropOps acts as a service provider to bundle real estate operations data and offer browser and smartphone applications based on its cloud infrastructure. The solution is already live.
https://t.co/3xEHZMJxMY now can document the maintenance history of your real estate portfolio decentralised and tamper-proof in the blockchain. Germans call that “scheckheftgepflegt”. A big thanks to the @iotatoken Foundation and its #SmartCity and #SupplyChain initiatives! pic.twitter.com/TKPXjILTd2
— PropOps (@propops_cloud) February 15, 2021
Here’s how the IOTA-based checkbook works
As Chris Müller emphasized in his latest edition of the “HelloIOTA Roundup,” the company is no startup. The founders, Alexander and Philipp Feil, have been in the real estate business for more than 10 years with their Feil, Feil & Feil GmbH and have more than 90 employees worldwide.
With PropOps, the brothers offer a real estate management software solution that aims to eliminate the real estate industry’s “trust problem.” The solution enables business owners and property owners to achieve the data sovereignty they need “to meet the accelerating market, the increasing value share of building services, and the ever-increasing need for information in asset and portfolio management.”
Analogous 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 seamless manner on the IOTA Tangle. In addition, along the way, “partial automation of property and facility management will be possible, paving the way for meaningful use of sensor technology and robotics.”
Ultimately, PropOps also creates a bridge to service providers in the real estate sector via the cloud-based microservice infrastructure FieldPass, which has been developed and deployed within the company group for 10 years.
Using PropOps, service providers must prove that they have fulfilled 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. Just to be clear, the owners of these assets have not yet agreed to use the IOTA-based solution, but they are talking to them now and outlining the benefits that such a solution would have.