In India, a blockchain-based platform for fractional property ownership is launched.

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The RealX blockchain-based platform enables Indian investors to purchase and sell “direct deeded co-ownership” of vacation properties.

RealX, a blockchain-based registration system created by a fintech business in Pune, India, enabling Indian people to purchase fractional ownership in homes.

A report from The Economic Times states that RealX has partnered with Tripvillas, a holiday home rental service, to blend ownership of holiday properties in accordance with usage and yield. Tripvillas will also be responsible for managing the basket of holiday properties intended for co-investment.

According to RealX chief operating officer and co-founder Neera Inamdar, the COVID-19 pandemic was a key driver for the platform’s launch, as the real estate market’s instability concerned both property developers and investors. Citing the return of a comparatively stable market, she said:

“We offer ‘direct deeded property co-ownership’ and it is in the best interest of investors to become direct co-owners of the property.”

Roshan The RealX platform, according to Lionel Dsilva, founder and CEO of Tripvillas, will soon allow Indian investors to co-own overseas properties on the site to incentivize dollar-denominated income.

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While Indian policymakers’ attitude on cryptocurrency adoption remains uncertain, the country is continuing to experiment with blockchain technology in non-financial domains.

The Maharashtra government recently created a credentialing system based on the Ethereum blockchain to provide tamper-proof diploma certificates. The Maharashtra State Board of Skill Development has begun producing digitally verifiable credentials in collaboration with blockchain company LegitDoc.

LegitDoc is also in discussions with a few other educational institutions in India about using a similar solution to combat document counterfeiting.

 

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