Quara, based in Saudi Arabia, is bringing blockchain to real estate transactions!
The Brooklyn-based firm has pioneered the use of digital assets in the real estate business, allowing clients to invest in real estate using blockchain technology. propertyfinder
Quara Holding, based in Saudi Arabia, has teamed up with Ethereum software company ConsenSys to bring blockchain technology to the Kingdom's real estate sector.
The Brooklyn-based firm has pioneered the use of digital assets in the real estate business, allowing clients to invest in real estate using blockchain technology.
According to the pair, ConsenSys' software solutions will help both the private and public sectors as a result of their relationship with Quara Blockchain.
Quara Holding CEO Ziad El Chaar remarked, "Partnering with ConsenSys delivers fresh and innovative blockchain solutions to our clients, while providing Quara Holding with unequaled development and constant support in a whole new decentralized landscape."
The alliance, according to ConsenSys, has the potential to inspire the adoption of blockchain across the Kingdom.
Philip Matov, the company's business development lead in the Middle East, stated, "As a partner, Quara Holding will have full access to the ConsenSys infrastructure, which is the entrance to a variety of fascinating opportunities."
Quara Holding's enterprises will apply the technology in a variety of industries, including real estate, banking, supply chain, government, healthcare, oil and gas, e-commerce, and education.
Other Gulf countries, such as the United Arab Emirates, have been investing in infrastructure to support blockchain technology.
The new controls are targeted at limiting the number of bogus real estate listings.
RIYADH: According to the new Real Estate Ads Controls issued by the General Real Estate Authority, only Saudis can market real estate in the Kingdom, according to the Okaz newspaper.
The new advertising rules are intended to reduce the number of false real estate ads while also improving their dependability and trustworthiness.
The advertisers' name must also be registered on the National Single Sign-On platform (NAFAZ) if the advertiser is the property owner, a legal agent, or a real estate broker under a written authorisation or a court order.
To improve the dependability of electronic real estate platforms, the Real Estate General Authority imposed license and categorization standards.
If one of the licensing conditions is broken, the Authority warns, a slew of legal actions will be initiated. The Authority would require the platform to either remove the advertisement and notify the advertiser, or to prevent the advertiser from publishing on the platform for a year.