Exporo launches first blockchain-based property project
The Hamburg-based Exporo, one of the leading platforms for digital property investments, is expanding its portfolio to include blockchain-based transactions, a press release said Wednesday (June 3, 2020). Effective immediately, investors can acquire so-called tokens that represent shares in a property. These are booked as digital securities into a kind of digital safe deposit box and stored decentrally. The company now hopes to slash costs by up to 90 per cent thereby enabling small investors to invest just one EUR 1.
Automated, digital processes
Simon Brunke, CEO of Exporo, remarked: "We are proud to be able to integrate a blockchain solution into our investment model. We want to help ensure that the technology finally becomes known to a broad part of society and to highlight the added value." Exporo's latest product is more efficient than comparable property investment options. The digitalisation of securities and the associated process reduces transaction costs, as external service providers are no longer required and securities can be traded in real time.
What is a blockchain?
A blockchain is a decentralized database with a growing list of transaction records. The database is extended chronologically and linearly similar to a chain. New elements are constantly added – hence the term blockchain. Each block contains a checksum of the previous block to prevent abuse of the technology.