If you had the experience of driving down the street and seeing a building where you should have been paid and were not, this simple technology is of note. As more deals move “off-market”, I want certainty of commission arrangements. Ruthless competition and extreme space shortages is an explosive combination. In this hyper-intense market, this is one example of how I prove Procuring Cause using Blockchain.
I have a class of Customers that are Preferred. Preferred Customers sign a Master Agreement that they agree to pay or protect me on property or buyers I identify on my Broker Ledger. In traditional blockchain applications, parties often use a wallet for transaction and encryption purposes. Instead, to mirror our normal business, we developed a key (or hash) made up of customer ID (from our internal database), Parcel ID or Address, and Contract ID (Master Agreement). When customers click on the key in an email, that hash is entered on the blockchain and serves as proof of our role as Procuring Cause. To keep the example brief, I won’t discuss permissions, privacy, or peers, but those are important features included in the application.
My purpose for posting this simple example is to ask other SIORs what they think about crypto and blockchain. Of course, public attention is in coins, NFTs, and DeFi, but using blockchain in normal business situations has the potential for similar financial profits. Hyperledger Fabric is an open-source blockchain collaborative and in the same spirit, we will share our protocol to make it better. Proving consensus on fees, while fundamental to our business practice, is only a very minor example of the enormous scale that blockchain can be. What do you think about learning more about blockchain applications?
This is a schematic of the ledger technology we use with select Preferred Customers. They agree to pay us under a Master Agreement and that gives us the authority to pursue properties and Buyer/Tenants on their behalf. As the business moves off-market, ledger technology provides a fast and accurate way for market discovery. It also separates transaction services from fiduciary services to give clients the focus they want. Cryptography is used to keep the transaction confidential.