Traditional industries and businesses in the world struggle greatly due to the lack of transparent processes. Customers, investors and other stakeholders are often reluctant to conduct business transactions because of organizations often provide few details regarding its products and services. Questions like how they are getting financed, what the technology behind their solution is, or how they keep the customer data safe, are often ignored.
In today’s world, transparency is critical for both individuals as well as businesses to establish trust. The recent Facebook controversy regarding the usage of customer data serves as a thought-provoking example. In such a non-transparent world, Blockchain’s emergence has become a sight for sore eyes. Blockchain saves and stores data through ‘blocks’ linked together where encryption and security measures eliminate any possibility of a breach.
However, more importantly Blockchain offers the global industries and businesses an exciting option to adopt a platform where data and processes can be tracked and monitored by the customers from the beginning to the end. Customers can have a peek into the system to see how the system works as well as how their personal or corporate data is managed. Similarly, they can engage in trustable processes where everything is monitored.
For example, the supply chain industry is using Blockchain heavily to ensure that the goods are properly transported from the manufacturers to the customers, all the while ensuring that each stakeholder gets a view of the transported products.
How BTR Bring Transparency in the Rental and Leasing Industry?
One industry that could particularly benefit from the Blockchain’s transparency is the rental and leasing industry. Fortunately, Bitsrent’s arrival has sparked hope for the industry’s resurgence and transformation so it can progress in a futuristic and decentralized world.
After going through the different issues and problems of the traditional rental and leasing industry, the BTR team realized that only through the decentralization offered by the Blockchain technology could they accomplish transparency in the rental business processes.
So how exactly does BTR bring transparency?
Record Keeping
Since all the landlords and tenants data is stored on the Orbit Blockchain, hence BTR removes any risk of identity theft. Blockchain’s immutability repels any attempt of tampering the documents.
Easily Tractable
In traditional rental and leasing industry, there is no proper tracking of a property’s ownership to the stakeholders. Similarly, often payments are stuck in the centralized financial systems and losses are incurred by all the parties.
Through Bitsrent platform, tractability is completely implemented. The BTR token assists to follow a property’s transfer to a tenant with real-time updating in Orbit Blockchain. Similarly, the quick business transactions on BTR’s ecosystem monitor a token payment from one account to another. As a result, all the payment and property processes would be highly transparent to all the stakeholders.
Minimizing the Fraudulent Activities
While the Orbit Blockchain maybe public, however this does not in any way mean that the identities of the BTR owners and users are also public. BTR utilizes modern-day encryption algorithms and tools to perform encryption on the customer data and identities. Therefore, customer identification and financial details are masked and hidden from the third-parties.
Locking the Team Tokens
As a gesture of goodwill, the Bitsrent team has reached the decision to lock their funds for a year. This means that no Bitsrent official can sell their funds in the next 12 months. As a result, public and investor confidence is expected to increase in the platform.
