Thailand property portal Hipflat.co.th has launched what it has described as “verified property listings”.
The five-year-old real estate portal, which it claims is used by millions of home buyers and renters in Thailand, said the new initiative will be powered by blockchain technology.
Hipflat described the quality of online property listings in Thailand as “often very poor”.
It said that for many, finding a home online can be a very frustrating and time-consuming experience, and claimed that as many as 90 percent of online listings across numerous property portals are either unavailable or simply fake.
The result, it said, is that buyers waste a lot of time investigating the wrong properties or properties that do not even exist.
Hipflat added that since hundreds of thousands property listings are advertised at prices that are no longer valid, it is very difficult for both buyers and sellers to establish a fair market price.
This lack of transparency creates friction, which deters buyers and sellers from making a mutually beneficial agreement. This, in turn, severely affects market liquidity.
To bring trust to online property searches, to combat inaccurate information and to provide greater reassurance to property seekers, Hipflat has launched its new verified listing feature that will highlight listings that have been independently validated by Hipflat members who have already contacted the advertiser or visited the property.
Hipflat members will also be able to report inaccurate listings.
As more information is collectively sourced and verified by Hipflat members, Hipflat will achieve its goal of having 100 percent of its property listings verified.
The company said: “The verified listings feature is the first real-world use case and a proof of concept of the Domus Protocol, which is blockchain-enabled software being developed by Hipflat.
“Domus will use a blockchain to collect crowd-sourced property information, to reward members who contribute high-quality property data and to prevent malicious data entries.”
“Looking further into the future, the portal envisions Domus as the foundation of a network that will unite online real estate marketplaces all over the world.”
“People everywhere will have access to high-quality property listings. It will become a global marketing platform, helping sellers to find a buyer for their property faster and cheaper.”