RXEAL: A FIX FOR SECURITY DEPOSIT DISPUTES

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5 years ago

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RxEAL, a new platform for secure rental deposit storage on Ethereum blockchain, has just launched its token presale. RxEAL aims to solve the problem of the growing number of security deposit disputes, by providing a simple way to create smart contracts and offering a decentralised dispute resolution. Currently, the company’s main focus is on real estate and automotive rental markets. The token presale will remain open to investors until the 31^st of December 2017; the actual ICO will start on the 31^st of January and will last until the beginning of March.

A REAL-LIFE SOLUTION TO A GROWING PROBLEM

More people than ever before are involved in real estate, car and other rental transactions, resulting in more disputes about security deposits every year. A significant amount – almost 50% – of all security deposits globally are subject to disputes that destroy value for everyone — both lessors and their lessees. 6,000,000,000 EUR are annually lost due to disputes in the UK alone.

“Our mission with RxEAL is to have a world where no security deposit is disputed. To create more value for shareholders of lessors and also benefit the lessees. Using blockchain technology, this can be done in a secure, simple and accessible way,” says Dmitris Orlovs, co-founder and the head of business strategy of RxEAL.

The RxEAL platform is a solution for eliminating the growing number of fraud cases in rental transactions associated with unfair withholding of funds from the security deposit at the end of the rental agreement. Within the RxEAL platform, users are able to generate smart contracts based on terms both parties have agreed on. The contract will ensure that the deposit amount would be stored securely on Ethereum blockchain throughout the course of the agreement. In the event of a dispute, the platform will provide a decentralised and independent arbitrage conducted by qualified members who earn RxEAL tokens for resolving the dispute. The RxEAL approach eliminates the possibility of breaching the contract terms, hence solving the issue of trust associated with rental deposits.

THE LATEST WAY TO PROFIT FROM REAL ESTATE

With many new ICO projects emerging and many not making it to the top, industry experts say that RxEAL is an accessible future solution, which is understandable and realistic enough to consider investing in it.

Janis Murmanis, partner at Timbero Latvia Ltd construction company, is convinced that: “This is an innovation for the industry that is in a constant need for upgrades and solutions to resolve long-standing problems, from which one of the biggest is, in fact, deposits. RxEAL is simple and accessible in its mechanics, which makes it the latest way to profit from the always-great real estate industry,”