In the 1990s, an organization had to face issues with the tampering of its documents. To combat the situation, the management came up with the idea of a technology where data could be stored with the help of ‘blocks’. These blocks were linked together and hence were given the name ‘Blockchain’. The data records on this technology were immutable which meant they could not be modified by any third party. Using this secure technology, the organization was able to solve its pressing conundrum.
However, the technology was forgotten over the last two decades until Satoshi Nakamoto utilized it to power the first cryptocurrency of the world, Bitcoin. As a result, other cryptocurrency projects were unleashed that continued to center their platform on the foundations of the Blockchain network. This ensured trustworthy, quick, affordable and reliable transactions.
Today, the world is rampant with trust issues. In order to conduct even a simple transaction like purchasing a grocery item, customers cannot verify the manufacturing data of the product or get their hands on the relevant details by tracking the product from its manufacturing to the retail sector.
These problems can be countered through Blockchain. In Blockchain, there is no central authority or business that controls or owns the system. The system runs on the back of several computers that form the backbone of the system. Additionally, it is distributed in such a way that a single or a group of computers cannot take control of the system. Moreover, Blockchain uses cryptographic algorithms for the encryption and protection of the data so any malicious third party cannot exploit the contents of the network.
How Bitsrent Uses Blockchain to Deliver a Digitized Solution for Rental and Leasing Businesses ?
Bitsrent has realized that the rental and leasing industry is filled with uncertainty. Like other traditional industries, the lack of trust factor has made it difficult for the tenants, renters and other stakeholders in the industry to engage in secure transactions.
However, with the arrival of the Bitsrent platform, stakeholders are offered a digitized solution that can make their processes quicker and remove any chances of fraudulent transactions and activities. Bitsrent provides transparency in the rental and leasing processes with Blockchain and Ethereum’s network. Customers can formulate their leasing agreements on Smart Contracts, which can help to initiate and terminate a lease after the agreed period of time.
For instance, a retailer requires a space for 12 months. The retailer will create conditions along with the owner and the conditions will be recorded on the Smart Contract. Afterwards, the Smart Contracts will ensure that both the owner and the retailer are observing the agreed terms and reprimand them accordingly. After the end of 12 months, the Smart Contract will terminate the lease and both the involved parties will have easily met their goals without any disturbance.
