An interview with Alex de Bruyn on Blockchain & property: “Mechanisms to trust data”
Part 2 of 5
PNXT: We hear about cryptocurrencies like Bitcoin and Ethereum all the time, but is DoshEx providing us with something different, something that extends beyond transactions?
We started DoshEx with a focus on applying the technology to current problems and current use cases, to make them more efficient. So, we had to go through quite an extensive journey to understand what technologies are out there, and where they would apply. Fortunately or unfortunately, the 2017 bubble happened. We were exposed to many new and upcoming technologies, which we had to get our heads around and see where they could fit in or not. The couple of technologies that we settle on for the time being, were Stellar, Ethereum, Hyperledger and obviously Bitcoin. Then, bearing in mind that we wanted to make sure that we applied it to real use cases, we started building our smart contracts and processes to problems that we understood.
My business partner, Richard Creighton, is the ex-MD of Honeywell and was heavily involved in the large construction space, which allowed us to identify many areas in the construction industry that could use these types of technologies. We took the essence of a construction contract, which is called the JBCC in South Africa, and converted it to self-executing code, which would make a trusted view across multiple participants in the construction sector to make sure that the health of the project is always at the key focus. If there’s something South Africans know, it is that corruption is rife resulting in mistrust. Building contractors have a high risk of failing. Many contractors tend to use cash flow from one to fund the next, which is not great. We wanted to find a way that all participants of a construction network can trust that data around a single building to create a healthier industry as a whole.
Further than our construction smart contract, we enabled a treasury as a service product for us to seamlessly digitize value, whatever that might be perceived to be, that represents a real-world asset. In a relevant example, we have tokenised a property in Australia so that everyone can have an equal opportunity to enter the largest asset class in the world at the touch of a button – and trust it.
By combining a fractionalised ownership with a trusted construction smart contract, we allow the token holder (investors) to get real-time and trusted insight into the progress of their investment.