Real estate giant Pangea Real Estate is one of the first in the world to be making use of blockchain technology to help ensure the long-term sustainability of properties.
The Panama-based company, which was founded by Panamanias best-known developer and former FIFA president Carlos Slim, said it had invested nearly $100 million into the project.
Pangea will help developers and investors “make a better-informed decision” about properties in Panamania, said Pangeas CEO and chief executive, Jose Manuel Gomez.
“In many cases, it’s better to be late, than to be right.
And Panama is the perfect example of this,” Gomez told Al Jazeera.”
We believe that by investing in this project, we will be able to accelerate the development of Panamanis property and bring them closer to their potential.”
The blockchain enables developers to see what is going on inside a property, so that they can make better decisions, based on real estate’s real value,” Gomez said.”
It is a solution to a problem that has been created by a lack of transparency in the past.
“Gomez said the company’s first project is a property development in Panama City, which will help it acquire land for projects.
The real estate development will create a new residential project in Panama City, Panama, in the Caribbean city’s central commercial district.
The project is the latest of several to be undertaken by PangeAreal, which is now owned by the Pangean Government.
Gomez says the project is an example of the new kind of collaboration that has emerged between developers and the public in the region.”
For this project we need the community to give us feedback. “
The technology can also be used to solve real estate issues like the shortage of affordable housing, corruption and corruption of property developers.”
For this project we need the community to give us feedback.
We need the public to make the decision.
The blockchain is a technology that we have the right to use and it will make all the real estate deals happen.
“The Panama project comes amid increasing scrutiny of the country’s financial system, which has been plagued by massive corruption scandals, a currency crisis and a global recession.
A recent report by the UN’s Inter-American Commission on Human Rights accused Panamanic leaders of a massive graft scheme involving money laundering and kickbacks.
The investigation led to Panama being stripped of its status as a financial hub, and all officials were forced to resign.