RISMedia's Real Estate Magazine

JUN 2019

Real Estate magazine is the industry's leading source for real estate news and information since 1980. Published monthly by RISMedia, Real Estate magazine offers timely and relevant real estate news to the industry's top brokers and agents.

Issue link: http://remag.rismedia.com/i/1119997

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Page 30 of 118

26 June 2019 RISMedia's REAL ESTATE That's exactly what ShelterZoom is aiming to achieve by 2021—a lofty goal indeed. We're setting the stage for an entirely new era in real estate with a next-generation deal, contract and transaction management plat - form on blockchain that's set to de- liver a new level of transparency, ef- ficiency, security and trust. Set to launch later this year, Mithra Contract, the world's first tokenized, industry-agnostic digital contract platform, is already in beta testing. Looking to disrupt how consumers, agents, real estate lawyers and oth - er service providers transact, Mithra Contract is a decentralized contract that can be executed and read by machines, as well as humans. It's also legally binding. Representing an evolution from existing paper, smart and Ricardian contracts, Mithra Contract will pro - vide users with myriad online tools, ranging from digital term and con - tract templates, Google Docs-like real-time negotiation capabilities, consumer- and agent-facing con - tract engagement, an online chat, a shareable smart contract link, a marketplace for templates, term and contract health check, modern-style document management, and more. Mithra Contract will be powered by ShelterZoom Mithra Coins (SMC)— utility tokens that help govern trans - parency—and non-fungible Mithra Tokens, which will record contract de - tails in a secure, immutable format. Deconstructing the actual terms of a legal contract into a smart con - tract, contractual parties will hold tokens containing their rights and obligations. These tokens will play a crucial role when it comes to foster - ing secure, transparent and legally trusted contracts, as Mithra Con - tracts are completely separate, yet connected, by the matching of con - tract terms and conditions inherited within those Mithra Tokens. Turning legal contracts into cryp - tographic tokens will enable on- and off-chain transferring, trading, auc - tioning, tracking and execution of legal contracts. Here's a look at the evolution of contracts over the years—and the key points of differentiation that Mithra Contract will bring to the table: LEGAL CONTRACT (THOUSANDS OF YEARS AGO): Human-readable; legally binding; non-machine legally executable SMART CONTRACT (1994): Ma - chine-readable; non-legally binding; non-machine legally executable RICARDIAN CONTRACT (1996): Human- and machine-readable; le - gally binding; non-machine legally executable MITHRA CONTRACT (2019): Hu - man- and machine-readable; legally binding; machine legally executable; immutable; transparent Mithra Contract will also offer the fol - lowing features (none of which are available via traditional real estate transaction management platforms): • Deal management • Instant offer and deal-making • Virtual negotiation room • The ability to bid publicly or deal privately • Fully digital end-to-end transactions • Fractional ownership • Ownership transfer • A glance of all offers or bids • Side-by-side contract review • Customizable user rights and privileges • GitHub-like contract term editing • Term and contract intelligence and analytics • Google Docs-like collaboration and review • Community engagement • Blockchain eSignature • Decentralization We're excited to be at the forefront of this new era that's set to change the real estate transaction game as we know it. RE Chao Cheng-Shorland is chief executive officer of ShelterZoom Corp. For more information, please visit www.shelterzoom.com and www.mithracontract.com. Ushering in a New Era of Digital Deal, Contract and Transaction Management Commentary by Chao Cheng-Shorland N egotiating and closing a real estate transaction is a time- consuming process full of numerous moving pieces that need to come together in perfect succession in order to be executed successfully. Imagine if that process, which can take upwards of months, could be whittled down to 72 hours?

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