Bustad Passed Critical Milestone
Bustad has successfully completed End-to-End testing for buying and putting Norwegian properties on the blockchain!
The test is a critical milestone in connecting the benefits of the blockchain with the physical world’s solidity.
The goal is to automate core transactional procedures around purchasing and selling co-owned fractions of real estate in Norway.
The system, named Behtra (“Bustad Eiendom Housing Transactions”), becomes active when receiving an application; it does all the necessary checks regarding data correctness, ownership, property valuation, and a few other controls. After passing these gates, the owner receives a bid sent by Bustad. Once this bid is accepted, it manages the digital signature process. All necessary documentation is then distributed to counterparties, authorities, and the blockchain.
First properties on-chain in Q1
The next step will be to process an actual property purchase and get the necessary funding by minting the Bustad coin (here). This first Nordic, if not European, property tokenization will likely happen during Q1 2023.
As seen on-chain via Dune Analytics, we might soon add another zero to the Bustad Treasury, hitting $100 000 in collateral. This is the humble beginning during a Crypto winter, but we still have some aces in our sleeves that we will reveal in the following weeks!
