In a groundbreaking leap forward that links blockchain technology with real world assets, HOM DAO, a pioneer in decentralized finance (DeFi) and blockchain technology, has unveiled plans to digitize and tokenize all USA property records on the blockchain in 2024. With approximately 145 million homes and 9.5 million commercial properties scattered across the country, this ambitious endeavor marks a pivotal moment in the evolution of property ownership tracking.
“Once we’ve moved all US properties onto the blockchain, we plan to add every other country too. Over time, we believe that all real world assets will be recorded, traded and secured on the blockchain,” explained HOM DAO director of community, Bob Farrelly.
Unlocking the Potential of Polygon
At the heart of this transformative initiative lies the selection of Polygon (aka MATIC) as the blockchain infrastructure of choice for real estate assets.
Why Polygon? The answer lies in its unparalleled scalability. With the sheer volume of property records slated for migration to the blockchain, scalability is non-negotiable. Polygon’s ability to process thousands of transactions per second with minimal gas fees makes it the perfect match for HOM DAO's ambitious undertaking.
Purchasing Polygon-native HOM COINS
As part of this effort, HOM DAO has elected to make Polygon-native HOM Coins available for purchase. The first batch will be sold in a liquidity bootstrapping event on FJORD FOUNDRY starting in March 2024.
Polygon HOM COINS can be bridged to other chains, including Ethereum and Solana, via an application that will be accessible on the HOM DAO site in late March.
HOM Coins will also be available on popular DEX and CEX starting in April.
The Benefits of Blockchain-based Property Title
So, why the shift to blockchain-based property title? The advantages are manifold, offering a paradigm shift in the way property ownership is recorded, traded, and managed:
- Transparency: By storing property records on a decentralized ledger, blockchain technology ensures unparalleled transparency. Every transaction, from the initial purchase to subsequent transfers, is recorded immutably on the blockchain, eliminating discrepancies and disputes.
- Security: Traditional paper-based property records are susceptible to loss, fraud, and tampering. With blockchain, property titles are secured using cryptographic techniques, rendering them virtually immune to alteration or manipulation.
- Efficiency: The traditional process of transferring property ownership involves cumbersome paperwork, intermediaries, and delays. With blockchain, property transfers are executed seamlessly through smart contracts, eliminating the need for middlemen and streamlining the process.
- Cost-effectiveness: The cost of transferring property ownership can be exorbitant, with fees associated with legal documentation, title insurance, and escrow services. Blockchain-based property transfers drastically reduce these costs, making real estate transactions more accessible and affordable for all parties involved.
A Vision for the Future
HOM DAO's initiative to digitize USA property records is not merely a technological feat; it's a catalyst for societal transformation. By democratizing access to property ownership data and streamlining the transfer process, HOM DAO empowers individuals to participate more actively in the real estate market, fostering economic inclusion and prosperity.
Conclusion
In the digital age, innovation knows no bounds. HOM DAO's bold vision to digitize USA property records on the blockchain epitomizes the spirit of progress and reinvention. With Polygon as its trusted partner, HOM DAO embarks on a journey to revolutionize real estate, paving the way for a more transparent, secure, and efficient property market for generations to come.
You can learn more about HOM DAO and it's mission at www.homdao.io or by following the DAO on X at https://twitter.com/homdaoofficial or on Discord at https://t.me/HomDAO_official