Happy 2020 from the team at imbrex

Today we come to you with an exciting announcement! Since October, we’ve been working on a new payment protocol that gives the real estate industry a more cost-effective and secure method to process real estate deposits and escrows (click here to see it!). We’ve learned through user feedback, demos, and presentations that real estate deposits and escrows are not only inefficient from a cost perspective but there are massive security holes in the form of wire fraud. Therefore, we built an exciting tool that gives depositors and recipients a secure payment rail between them while title companies and landlords save time and money.

Here is how it works…

In today’s real estate market, earnest money and other real estate deposits are typically processed by check or wire transfer. This process creates significant in-efficiencies for the parties involved, including the depositor, real estate agents, escrow agents, and banks. These in-efficiencies cost depositors, title companies, landlords and banks time and money and are susceptible to wire fraud. In addition, managing each deposit account adds administrative costs to title companies, landlords and participating banks.

With Escrow Commons, deposit funds are stored in a secure smart contract on the Ethereum blockchain, linking all transaction constituents to one secure payment hub. Every real estate deal is preconfigured at the beginning of the transaction with the appropriate deposit and withdrawal addresses then immutably deployed onto the Ethereum blockchain. Once on the blockchain, payment addresses, amounts, and participants cannot be changed. Therefore, transaction funds can only travel to their intended destinations and cannot be intercepted by malicious actors. In addition to security, payment hubs provide a cost-effective method for title companies, landlords and banks to manage each transaction.

Escrow Commons is designed for:

Title Companies/Agents

Commercial and Residential Landlords

Banks

Buyers, Sellers, Tenants

In addition to the cost and security benefits for buyers, sellers, tenants, title companies and landlords, we will be launching two updates this year that focus on decentralized lending and monetization.

We are currently on testnet with an expected mainnet release later this quarter. To test and set up your own blockchain-based escrow, please follow the instructions here.

Any feedback we can obtain would be tremendously helpful. We’ve deployed a new Discord channel and encourage anyone that’s interested to join.

2020 is a big year for real estate, Ethereum, and imbrex and we’re glad you’re on board for the ride!

Link: escrow.imbrex.io

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