PLACE TO RENT : A DECENTRALIZED RENTAL PLATFORM

Introduction

One of the greatest inventions that has happened in our world in the 21st Century is the blockchain technology. It has changed the order of things and provide new and better approach to how things are done on the planet. The rental service in not left untouched with the advent of blockchain technology as a decentralized platform for rental operations on a Peer-to-peer base is invented.

Challenges of the current rental Operations

There are many challenges facing the contemporary operation of the rental services all around the world which has brought about limitations and reduced the level of effectiveness of this great service. The challenges facing the current rental services include but not limited to the following;

The reality of the daily increase in need for rents
It is obvious and crystal clear that there is daily increase in the need of people to use rental services. The population of the world hit 7.6 Billion in February, 2018. That depicts the number of people that are added to our world daily which brings about increase in the need to rent things.

Incidence of delay in transaction
I have personally experienced this as there was delay in transaction of the rental service I employed during the Christening of my son. It was highly disappointing and very frustrating for me. So, it is a reality we cannot shy away from.

Lack of transparency in the transactions
There is lack of transparency in the way rental services are operating contemporarily due to the fact that they are based on centralized system and platforms.

Lack of modern way of transaction
The current rental services are majorly operated on archaic method of operation which shows in the approach and the way things are handled.

Uneasy way to search for properties in the rental market.
It is very hard to search for properties in the current rental market partly due to the fact that most of the rental services are centralized and are limited to some particular regions and places.

Here comes the solution!

The good news is that there is a platform which has come to proffer solution to the challenges experienced in the current operation of rental services. The platform is known as PlaceToRent.

What is PlaceToRent?

PlaceToRent is a decentralized global peer-to-peer rental platform in the space of commercial and residential rentals designed to facilitate and streamline the rental process through blockchain technology by providing transparent and efficient transactions while reducing the need for a trusted third party, and offer tools for such underserved segments of rental population as younger and low-income households to stand out in low vacancy markets. PlaceToRent is the first cryptographic real estate rental platform to leverage artificial intelligence and machine learning to assist households with invisible credit or work history in gaining access to rental opportunities and affordability.

The aim of PlaceToRent is to bring tangible and significant value to the rental industry and also offer a fair, secure and less costly experience to all rental market participants within the rental process.

Using the blockchain technology

PlaceToRent leverages the blockchain technology to bring change and easy experience in the rental industry. The blockchain technology brings about decentralization and globalization of the platform without hassles. The decentralized global platform based on the blockchain technology will revolutionize the standards of rental industry and eliminate the need for third party which therefore increase trust and bring about transparency and efficient transactions.
PlaceToRent will reduce the bureaucracy involved in the rental industry when renting a property, both in commercial and residential. The goal of the platform is to improve the speed and ease of completing a transactions such as security deposit claims, tenancy contract execution, alternative financing and rent payment among others.

Bringing Value

PlaceToRent is offering all rental market participants a good, secure and less costly good quality experience within the budget and scope of the rental industry simply by solving the problem of inefficiency and providing transparency in transactions by removing the third party and thereby build trust.

Using Smart contracts

PlaceToRent will leverage smart contracts to ensure integrity and help users experience an easy rental process.
The Smart contracts are executed automatically just as it predetermined to allow exchange of value and enable user to go about tenancy execution of contracts without a need for the third party and also create a direct communication system between two parties without any intervention or obstruction.

My Review

PlaceToRent is a great and unique platform built on blockchain technology that will revolutionized the rental industry as it brings much values to the rental industry.
Using smart contracts will reduce the need for any third party or broker and automatically bring about trust and value to the system and provide transperant and efficient transaction with high level of security.
PlaceToRent has utility token which would be used as a means of transaction in the platform with much value. This is a project I will like everyone to be part of because of its values and innovation.