NEW YORK, Dec. 2, 2019 /PRNewswire/ -- Digitization of real estate assets is becoming a reality as UPRETS is now in the process of tokenizing certain condominium units at the Oosten property in Williamsburg, Brooklyn. The condominium that has 216 units will be the first property to have condominium units tokenized by UPRETS. New York has always been a big market for real estate, even after the 2008 housing crisis. This luxury project has 1, 2 and 3-bedroom units to cater to the needs of different people. The Oosten property was developed by XIN Development Group International and is at the heart of Brooklyn, which has become one of the most attractive submarkets in New York City.
How tokenization occurs on the UPRETS platform
UPRETS developed permissioned blockchain (X-BOLT consortium chain) and inter-chain technology to facilitate the tokenization of real estate assets. Every token issued through UPRETS, defined by smart contracts, will represent partial ownership in certain units at the Oosten property. Smart contracts, running on X-BOLT, govern how the tokens behave, in both initial offering and external circulation scenarios.
UPRETS' inter-chain structure ensures there is transparency on information flow through the public blockchains. There is also efficiency because the OmniLayer protocol can adapt to major exchanges and allows 24/7 trading. On the other hand, the permissioned chain (X-BOLT) ensures that only authorized nodes can view specifics of the smart contracts and validate transactions.
X-BOLT generates public/private keys through independent nodes for potential investors. X-BOLT chain maintains privacy as it ensures that only vetted individuals can access private contract information, unlike the ethereum public chain which allows anonymous and irrelevant users to access all smart contracts.
How UPRETS will assure the safety of the token
Cybersecurity has always been an issue when it comes to online transactions. There are internal measures that ensure all the tokens issued will be safe. There is a separation of data and applications, which ensures that they do not override. The website also undergoes repeated testing and fixing for vulnerabilities that might expose the tokens to attackers.
The immutability feature is one of the most significant blockchain features that makes it applicable in real estate. UPRETS will provide instructions on how to acquire and move URT tokens while the investors are expected to keep their private keys safe.