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realized. Thus, the Bitsrent owners spent significant time to come up with a solution. With the world
moving towards decentralization and Blockchain, the owners finally found an inspiration. Hence, the
idea for decentralizing the traditional rental and leasing industry was conceived.
get a holistic view of the global industry. After understanding all the issues and problems, initial
development began.2017
a team that boasted of the most esteemed and talented research, IT, marketing, management, and
financial professionals who can utilize their years of experience and knowledge to revitalize the out-
dated rental and leasing industry.
complete architecture for the platform.
project’s acquisition to potential investors.2018
Blockchain called Orbit Blockchain.
team participated heavily into Blockchain conferences including the Blockchain Meetup in India
and USA.
exchanges. The purpose of these meetings was to list the BTR token for the public.
to list the tokens.
number of cities in the USA for project marketing and discussions with industry’s heavy-weights.
The marketing campaign of the mobile application (iOS and Android) is also expected during
these months.
The team is expected to make an appearance in the Blockchain expert meet-up and seminar.2019
beginning of 2019.
so if there are any flaws, they can be rectified and future development can be improved.
functionalities.
2020
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businesses.
effective solutions to modernize the global rental and leasing industry. These problems and their proposed
solutions are the following.
The traditional rental and leasing industry is based on a centralized model where business practices are
either dependent on the pen and paper model or out-dated rental management systems. In either case,
fraudulent activities plague the industry, and it is difficult to trace the actual owner of a property.
Similarly, often the stakeholders struggle with negotiations and agreements because there is no system
that can identify the truthfulness of either party.
Bitsrent truly adopts decentralization through its Orbit Blockchain and Ethereum Network. All the rental
and leasing agreements, details of the parties, payment information, and other relevant information is
stored on the Blockchain while smart contracts ensure proper compliance of terms and conditions. Hence,
Bitsrent achieves maximum transparency where fraudulent activities and misunderstandings are instantly
reduced and provides a platform that can truly accommodate the global rental and leasing stakeholders.
Sometimes, customer records are lost in a natural disaster, like a storm or fire. As a result, crucial
agreements and ownership documents are lost. Similarly, records are not managed properly and updating
consumes significant time. Additionally, the charges and payment figures are also a huge reason behind
quarrels and fights between landlords and tenants.
Bitsrent comes with a Blockchain that can ensure trustable storage and processing of customer data. Data
will be continuously updated with each transaction, and Blockchain’s immutability will dismantle any
doubts regarding the authenticity of the data. Similarly, due to Ethereum’s smart contracts, customers will
be charged accurately without any possibility of additional or inaccurate fees.
In the traditional rental and leasing industry, often personal information, like the address of a resident, can
be misused. Often paper documentation is accessed and stolen easily and crimes like identity thefts can
occur as a result. Similarly, in online rental management systems, DDoS attacks, ransomware attacks, and
other cyber attacks continuously lurk, resulting in data breaches and data loss.
All the private, personal, and financial information of landlords and tenants is now stored in the Orbit
Blockchain. Orbit Blockchain’s security protocols ensure the protection of data against any cyberattack or
theft.
Rental and leasing agreements often incur significant charges whether you have to pay to the bank or
engage with a centralized service. Likewise, despite these heavy charges, they are unable to process
payments quickly. As a result, valuable time is lost and a potential business may receive significant losses
due to their inability to relocate in an office space in due time.
Bistrent promises negligible fees. Whether a tenant has to pay monthly rent to the landlord or an
individual needs to rent a car on an urgent-basis, immediate processing of payments is provided with
extremely low fees. Therefore, along with trustable transactions, Bitsrent also ensures quick and
inexpensive transactions.
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.
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?
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.
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.
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.
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.
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Among these platforms, Ethereum has overseen substantial rise and development. As the IT prodigy Vitalik Buterin dabbled in Bitcoin’s development, he came to a life-changing realization that could go on to transform the cryptocurrency world. Buterin came to the conclusion that Bitcoin was not powerful enough to address the global centralization issues and thus embarked on a mission to develop a new cryptocurrency, Ethereum.
Ethereum is also based on Blockchain. However, instead of being used solely as a payment mechanism, Ethereum focuses to power decentralized applications and platforms through its network. Today, more than 1000 Dapps have been launched from Ethereum’s Network while Ethereum-powered tokens are also nearing the 1000-milestone. These tokens are called ERC-20 tokens.
The team at Bitsrent realized that Ethereum could be integrated with their Orbit Blockchain to create efficiency and convenience in the BTR ecosystem. As a result, thorough IT research initiated and after going through the entire Ethereum Network, a decision was reached to incorporate certain Ethereum features with BTR’s functionalities.
The first step was to design the BTR token in compliance with the ERC-20 standard. There were two significant reasons behind the decision.
Perhaps, one of the most brilliant decisions undertaken by Bitsrent team was the use of smart contracts for rental and leasing agreements. Traditional rental and leasing agreements are hard to be enforced while there is also a sense of uncertainty for them to be tampered with by a third party.
Smart contracts are protocols through which an agreement can be created, verified as well as implemented without any intrusion from any stakeholder. As a result, they are considered to be extremely secure and transparent for business transactions. Additionally, the progress in a smart contract can be easily tracked.
For example, consider an individual Mr. A. Mr. A is interested in renting a car using the BTR system. By using the BTR smart contract, Mr. A can agree on certain conditions with the car rental company B, like the duration of rental or the charges to be paid. After both parties’ confirm their approval on the rental agreement, the smart contract will initiate.
Subsequently, the smart contract monitors Mr. A and ensures that he does not break any condition set by B like taking the car out of the city. Similarly, the contract can track the time and assist Mr. A in returning the car on time. As a result, BTR eases concerns for all the stakeholders through its smart contracts.
While there are countless ERC-20 tokens in the cryptocurrency sphere, there are only a handful platforms like Bitsrent that have managed to incorporate and utilize Ethereum’s Network for addressing real world problems in such an innovative way. The future of the rental and leasing industry seems to be highly bright and secure with the arrival of Bitsrent for carrying the burden of the billion dollar industry.
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The traditional rental and leasing industry is a billion dollar industry. The revenue and profits are rising year-by-year in the rental industry. Rental and leasing industry is mainly composed of renting or leasing of three components: Commercial, residential, and vehicles. However, despite the industry’s success, the industry struggles due to archaic and obsolete business practices.
Bitsrent is a next generation cryptocurrency token that revitalizes the out-dated rental and leasing industry with decentralization. In Bitsrent, all the rental records will be updated on its own Blockchain. This Blockchain is named Orbit Blockchain where immutability of the records will ensure that maximum transparency is achieved. Likewise, the project is also powered by Ethereum and possesses an ERC-20 token. Ethereum’s smart contracts and Dapps make up for an important part of the project.
Through Bitsrent, customers can perform all the basic rental activities with considerable ease. Bitsrent brings all the real-world business processes of rental and leasing industry like submission of information, rental agreements, and business transactions of payments to the Orbit Blockchain.
Records of both the tenants and landlords will appear on the Blockchain where they will be continuously updated with real-time processing. Unlike other platforms, the costs of business transactions in Bitsrent are significantly minimized to negligible levels. Similarly, the factors of scalability and the performance have been especially addressed as the platform engages in extremely quick transactions.
For example, suppose a tenant has to rent a certain property in an area. It does not matter where the tenant resides. The tenant can use the Bitsrent platform and login to submit all their relevant personal information like names, addresses as well as financial information like bank account and credit card details. The tenant can then find a property and initiate communication with a landlord.
After finding a suitable property, a rental agreement can be signed, which is special as it will be performed on the back of a smart contract. The rental agreement consists of the terms and conditions that both parties have to follow for things like repairs, etc.
The smart contracts will ensure that all the terms and conditions are followed by both the landlords and tenants and penalize the offender accordingly. Similarly, all the weekly, monthly, and yearly payments can be processed through a few clicks on the Bitsrent application.
The project also consists of a Universal Loyalty Program. Through the program, permanent users are provided rewards and incentives for their trust in the platform. With every BTR purchase, users will receive a specific BTR token in their wallets. Similarly, they can also engage in the redeeming of the token for any future purchases. This means that users can always turn the token into any other cryptocurrency or cash.
]]>The Problem
Traditionally, home and business owners undergo a great deal of difficulty dealing with their properties
due to the complex rental policies and leasing agreements. Often the lack of transparency leads to
problems for both the tenants and landlords. Sometimes, a party engages in fraudulent practices by
tampering with the property documents and gets away undetected and unpunished.
Often these issues lead to legal cases, and what may seem like a small misunderstanding culminates into
damages of greater proportions for all the stakeholders involved.
The Answer
So the question that arises from the above-mentioned predicament is how is it possible to increase
transparency in the rental and leasing industry?
Well, the answer lies with Blockchain technology which can be used by a trustworthy cryptocurrency
platform to ease the daily worries of all the stakeholders involved in the rental and leasing industry. This
application is provided by the Bitsrent.
Bitsrent has used the transparency of the Blockchain to ensure valid and reliable transactions. Since,
Blockchain is immutable; hence it is not possible to tamper with its data.
Bitsrent helps by:
Decentralization – Unlike other tokens, Bitsrent does not use the term ‘decentralization’ half-
heartedly. Instead, its own premise of facilitating users depends on the decentralization of the
rental and leasing processes and preventing its users’ loss of time and money from the
traditional centralized authorities.
i) Smart Contracts – Bitsrent uses the most popular feature of Ethereum known as Smart Contracts
in tandem with the Blockchain to maximize its potential. With Smart Contracts, leasing
agreements can be improved greatly as Smart Contracts run independently and executes tasks
based on terms and conditions that are agreed upon by both the parties.
ii) Negotiation – This means that clients will not have to meet their landlords and real estate agents
face-to-face and can easily use Bitsrent’s platform to negotiate a fair price for the rent.
iii) Global Reach – Whether you are moving abroad for your studies or you want to expand your
business, you do not need to indulge yourself in the complexities of the traditional rental
procedures and can be equipped with a global tool through the Bitsrent platform. Bitsrent helps
clients pay from anywhere at any time.
iv) Automation – Standard and mundane activities and tasks that are required in the leasing
industry expect individuals to travel a great deal for the provision simple details regarding their
personal, residential and financial matters. Bitsrent aims to rescue individuals from these time-
consuming activities and helps automate the submission of these details easily through its
platform.
Final Thoughts
Bitsrent is not the first cryptocurrency in the real estate industry, nor will it be the last. However, its
applications and execution so far seem promising. With the support of strong partners like Uber, Hertz
as well as a vastly experienced team behind its back, Bitsrent has the potential to change the rental and
leasing processes for the better. The official pre-ICO of the token is expected to be launched in
September 2018.
How Bitsrent Proves Its Service?
The team at Bitsrent realizes the limitations of the current rental and leasing industry. Thus, Bitsrent has
been developed with the objective to modernize the leasing industry and transform it into a futuristic
solution where anyone can partake easily without any hurdles.
Bitsrent is decentralized. Decentralized platforms and applications are the key component of the
Blockchain technology. Decentralized means that no central authority (like banks) can serve as a
middleman and the industry will be supported and backed by its real community consisting of realtors,
investors, potential buyers and other relevant stakeholders. Through the backing of the community,
Bitsrent can flourish and advance by incorporating the best practices and features into its platform.
Thus, the client satisfaction can be expected to reach previously unforeseen heights.
Interestingly, Bitsrent has not only utilized the best of the Blockchain, the platform has also integrated
Ethereum’s Smart Contracts in order to make the best of the widely popular and reliable Ethereum
Network. Bitsrent token can act as a currency, share, rewarding mechanism as well as a token for proof
of the ownership for a commercial or resident property.
Additionally, before its crowd sale, the project has finished exemplary work. After the ICO launch in
September, the token is expected to be listed on international exchanges like KuCoin. The much-awaited
application for Android and iOS is expected to be launched on the Android and iOS app stores by the
year’s end. With the arrival of 2019, Bitsrent aspires to achieve bigger goals with the listing of its token
on a greater number of exchanges with March and April being highly important for the platform. The
Blockchain-powered platform has finalized these months for the technical implementation of Bitsrent.
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.
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