Building Block, Inc. has announced it is the first North American REIT (Real Estate Investment Trust) to embrace the emerging efficiencies of blockchain technology and provide a new way to invest in one of the world’s most well-known and trusted assets, real estate. Blockchain technology will enable Building Block REIT to virtually eliminate friction in REIT shareholder communication by allowing direct dividend disbursement, secure user voting, and smart contract functions that execute automatically when pre-set parameters are met.
Building Block REIT plans to raise funds in the form of a digital initial public offering (Digital IPO) accepting payments via U.S. Dollars or fractional Ethereum cryptocurrency. Investors worldwide will be able to purchase shares in Building Block REIT on SEC compliant alternative trading systems (ATS) or peer-to-peer exchanges with whitelisted parties to invest in US commercial office, multi-family and mixed-use real estate.
Simon Enwia, Founder and CEO of Building Block REIT notes that:
“…by establishing our distributed ledger underpinned by the Ethereum network, Building Block REIT will provide 24/7 access to all parties with virtually instant trade settlement and transparency.”
Building Block REIT CMO Bruce Masterson cited the advantages Building Block REIT’s Smart Contracts bring to investors by:
“…drastically reducing legal fees and taking only seconds to verify versus days lost in the traditional settlement process.”
Commenting on future plans for Building Block REIT, Simon Enwia stated:
“We are just scratching the surface on the innovation that blockchain technology brings to the REIT market and will continue to innovate with blockchain across the spectrum of transactions involved in acquiring and managing real estate.”