VeChain provides innovative solution for the purchase of real estate

  • A new partnership between VeChain and the law firm Jur enables the purchase of real estate with the VET Token.
  • The cooperation is a further milestone, which opens up VeChain’s applications for a new industry sector.

VeChain is a project of the cryptocurrency market, which has already been able to show a functioning product since its official start in 2017. The focus of the VeChain Thor blockchain is on supply chain solutions. However, VeChain has already established numerous partnerships in the logistics, food, pharmaceutical and automotive industries.

The new cooperation expands the range of application of VeChain again, whereby VeChain enters a market that also handles business worth billions worldwide.

VeChain partners with Jur

Jur offers the purchase of luxury apartments provided by the real estate agent HKCY Hotels Ltd, Company. These are mainly located on the holiday island of Cyprus in the town of Limassol and start at a price of 700,000 euros or the equivalent of 120,000,000 VET. In total, the company manages properties worth more than 160 million euros.

All buyers who conclude a purchase agreement for VeChain Thor blockchain should be surprised at first. The price is lower than on the company’s website. This is due to the fact that Jur offers a discount of 5% if the purchase is concluded via the VeChain Thor blockchain. Jur’s core objective is to build a completely automated system where every business relationship can be handled via the blockchain for all parties involved.

A secure and manipulation-free trading marketplace is to be created, which, through the use of smart contracts, offers protection against counterfeiting and 100% transparency. Jur will map all existing contracts on the blockchain, so that the purchase contract of a property is already stored on the blockchain and all further steps are documented on it. The company states:

We are building an entire set of Secure Commercial Agreements for purchasing properties and rental with a blockchain-based flow that manages the escrow and unlocks the money according to milestones achieved and audited by a third-party validator.

In case of litigation, a pre-alpha version of the court layer is used to provide a corruption-proof arbitration system for a sound and secure judiciary. Jur will drive the further development of these and other B2B solutions in 2020. VeChain provides the infrastructure on which all further business processes of both companies are based.

This use case could open the door to a new industry sector for VeChain, so that in the future more companies from the real estate sector could use VeChain solutions.

One company, many use cases

Recently VeChain has entered into a cooperation with the Anhui Tea Industry Association. The integration of VeChain Thor Blockchain is expected to enable tea producers and stakeholders to benefit from increased efficiency and productivity at all stages of the supply chain.

VeChain has been able to establish collaborations with industry heavyweights from many different industries and sectors. This distinguishes the project from a multitude of other cryptocurrencies, which only fulfil the function of an alternative means of payment.

The VeChain price shows a positive development within the last 24 hours of + 2.3%, to a price of 0.0058 USD.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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