Diamond Real Estate’s initial product is a blockchain-powered real estate transaction management system designed to integrate into any existing property portal or brokerage company website to allow the buyer, seller, and their respective service providers (e.g., real estate agents, lawyers, inspectors, etc.) to transparently and securely close the deal.Today, when a buyer clicks on a property of interest, he is typically referred to the listing broker and then left on his own to close the deal. Diamond Real Estate’s integration strategy involves placing a button or widget on the portal website. By clicking this Diamond Real Estate widget, the buyer can request help from the portal(powered by the Diamond Real Estate platform) to close the transaction, which includes the option to browse Diamond Real Estate 's user-rated service provider directory to find service providers in the locality of the target property. On Diamond Real Estate’s platform, the entire transaction process will be displayed so all permissioned parties to the transaction can readily see all the steps and documents involved to get to a closing. Everything is intended to be visible and editable, including the roster of people involved in the transaction. The product is envisioned to incorporate logic to determine critical path items so that the transaction parties can click a “Critical Path” button to stay focused on those items necessary to close the deal in the shortest period of time. Especially for long distance transactions, achieving trust is of paramount concern. To this end,the platform is planned to incorporate smart contract plug-ins to manage required escrows. As documents are finalized, they will be converted to PDF and hashed to the blockchain,creating an added measure of security for buyers. Property-related records will also be placed on the blockchain to provide redundancy with incumbent deed recordation systems.
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