Wealth Migrate, the South Africa-based crowdfunding property platform has announced the inclusion of blockchain technology into its online investment marketplace. With the inclusion of distributed ledger technology, the platform now offers enhanced security and privacy protections to its global investors.
Started in 2009, Wealth Migrate became the first online platform to allow people directly invest in both residential and commercial properties across the world. Now listed among the top United States Real Estate Crowdfunding Platforms, Wealth Migrate intends to tackle the rising issue of investment frauds, especially across borders with blockchain technology. The company’s adoption of digital currency technology comes at the time when leading banking and financial institutions are researching into various use cases of blockchain technology in their day-to-day operations.
An African tech news publication quotes Scott Picken, the founder and CEO of Wealth Migrate saying, “At Wealth Migrate, we are committed to our vision of using financial technology to help investors everywhere have access to world-class commercial real estate investments in currency stable markets. However, with the real dangers of fraud, we wanted to give global investors an additional level of security and peace of mind with the ability to have an un-editable record of their investment, providing them extra transparency in the process.”
With the implementation of distributed ledger technology, Wealth Migrate aims to successfully tackle multiple challenges involving personal information protection, enhanced compliance with respective laws of the regions it operates in, an inclusion of smart contracts for investments and decentralized confirmation of transactions over the blockchain. The immutable feature of blockchain technology makes it one of the most reliable and secure information storage method. With the implementation, the company has gone a step forward and integrated an additional layer of security in the form of one-way hash code.
All transactions on the blockchain section of Wealth Migrate now generates unique transaction codes and hash values which are recorded on the blockchain. The investment can be validated by the investor at any time by querying the respective transaction hash code.
“This blockchain based marketplace will ultimately completely democratize investing, both locally and internationally. With the adoption of cryptocurrencies, this will dramatically reduce the costs, increase the returns, and ultimately increase the efficiency and accessibility for all. It is another major step forward to us realizing our vision of making investing available to the 99-percent who want to invest like the top one-percent,” added Picken.
Blockchain technology is revolutionizing lots of industries. The use of such technology in crowdfunding and crowdinvesting makes the whole process much more reliable and transparent. This will, in many ways reduce fraud, prevent illegal transactions amounting to money laundering and other economic offenses, increases transparency, security, and privacy. The smart contracts offer additional assurance to investors by ensuring that their investments are safe. As the crowdfunding sector continues to grow, more players will be seen opting for similar solutions soon.
Ref: IT News Africa | Image: Wealth Migrate