Blockchain and tokenisation have the potential to revolutionise property and land trading. Compared to other asset markets, the property market is particularly underdeveloped. Many companies are therefore taking on the task of renewing the property market through blockchain and tokenisation.
In the BSV ecosystem, there is one new player that wants to become active in precisely this area. Revested is currently completing the Blockchain Dojo’s Incubator Programme in London. In an interview with Charles Miller for CoinGeek, Kenneth Kelly, Co-Founder and CEO of Revested, spoke about his startup and explained current problems in the market, developments that are currently taking place and Revested’s approach and business model.
Tackling decades-old challenges
Revested addresses a longstanding issue in the real estate industry, aiming to revolutionise the cumbersome process of buying and selling houses. Kenneth Kelly, the mind behind Revested, highlights a persistent problem dating back to his grandfather’s era, where one in three property transactions failed, and the average duration ranged from three to six months.
This protracted timeline and the associated stress create a significant challenge for individuals dealing with what is often their most substantial asset. Despite the passage of time from the 1900s to the present day, the real estate industry has seen minimal evolution in its practices, as Kelly explains:
‘The problem in the industry, going back to my grandfather’s time, would be: one in three properties fall through and on average it’s taken between three and six months. It’s a hugely stressful experience for a lot of individuals when they’re dealing with their probably biggest asset for some. So, you know, going back to the 1900s, you look at how it was done then to when my father purchased the property in the, you know, 80s, 90s and to when I purchased my property last year, nothing has changed.’
Kelly highlights a couple of the problems within the industry:
- Compliance and bureaucracy issues;
- Illiquidity and lengthy transaction processes;
- Selfish interests by solicitors.
By leveraging blockchain technology, Revested aims to eliminate outdated practices that have persisted for decades, offering a solution to a problem deeply rooted in the industry’s history.
A trend towards improved liquidity in global markets and newer technologies
Kelly highlights which current developments make the market ripe for innovation. Two aspects play a role here. Firstly, innovation through emerging technologies. Second, a paradigm shift in global asset trading.
He speaks of a trend towards making the liquidation of assets and the speed of transactions simpler and faster. To underscore this, he cites developments that are taking place in markets such as Germany or the USA.
Notably, major financial institutions, including the London Stock Exchange, are actively exploring this paradigm shift. It is largely facilitated by the tokenisation of assets. He mentions how the tokenisation of digital assets is expected to reach a volume between $4 and $5 million by 2030, highlighting the market potential for Revested.
Apart from blockchain and tokenisation, advancements in machine learning models are pushing boundaries in the legal space, enabling quicker and more thorough assessments of title deeds and underlying lease issues, aligning with Revested’s goal of reinventing the investment landscape.
Streamlining legal processes before market action
Revested’s approach is to streamline the aspects of property transactions, particularly focusing on the cumbersome compliance and regulatory processes that contribute significantly to delays. The start-up is pioneering a transformative approach by elevating intermediaries to the forefront of the process, resolving any bureaucratic issues before digital exchanges come into play.
Revested is revolutionising the real estate industry by implementing a streamlined solution to address the longstanding challenges in property transactions. One of the partners of Revested simplifies the Know Your Customer (KYC) process for investors. With a straightforward upload of basic information such as name, email, passport details, and photographs, individuals can seamlessly register.
Revested’s innovative approach also extends to property documentation, where users can upload title deeds or property descriptions. Leveraging machine learning technology, Revested cross-checks this information against land registry documents, ensuring accuracy and authenticity. This meticulous verification process eliminates the need for extensive paperwork and protracted waiting periods.
The integration of digital processes allows Revested to bypass traditional intermediaries, expediting the resolution of transactions before they proceed to a digital exchange. The company’s forward-thinking strategy has garnered attention from entities like the London Stock Exchange, reflecting the industry’s recognition of the need for a more efficient and technologically-driven approach to real estate transactions.
The user experience of Revested
This innovative approach allows property owners to tokenise their assets, enabling them to sell or trade their properties with just a push of a button on their mobile devices.‘You can be down in the pub on a Friday and you can be selling your property in minutes,’ said Kelly.
The legal processes happen seamlessly and in the background through the incorporation of machine learning, facilitating the scanning of title deeds to identify underlying lease issues and maintaining a comprehensive property log within the document.
Kelly also acknowledges potential concerns, such as the importance of legal safety nets, Revested plans to address these through insurance mechanisms and strategic partnerships with legal firms. The business model involves taking a percentage of transaction fees, tailored to the size and volume of each transaction.