Hipflat Uses Blockchain Technology to Eliminate Expired and Inaccurate Online Real Estate Listings in Thailand

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Hipflat, an online real estate search portal used by millions of home buyers and renters in Thailand, today announced the launch of verified property listings, powered by blockchain technology.

The web has become the default “go-to” channel for home buyers and renters, but the quality of online listings in Thailand (as well as in many other regions around the world) is often very poor. For many people, finding a home online can be a very frustrating and time-consuming experience. Often, up to 90% of online listings across numerous property search portals are inaccurate, unavailable, or simply fake. The result is that buyers waste a lot of time investigating the wrong properties or properties that do not even exist.

Moreover, since hundreds of thousands property listings are advertised at prices that are no longer valid, it is very difficult for both buyers and sellers to establish a fair market price.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 today launched its new verified listing feature, which highlights 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% of its listings verified.

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, Hipflat 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.

About Hipflat

Launched in 2013, Hipflat (http://www.hipflat.co.th) is registered in Singapore with operational headquarters in Bangkok, Thailand. Hipflat operates one of Thailand’s leading online real estate marketplaces, connecting property buyers/tenants (residential, commercial, and industrial) with sellers/landlords; i.e., individuals, brokers, and developers.

Hipflat currently features 340,000 listings from 40,000 agents, owners, landlords, and property managers, with 55% of them being rentals and 45% homes for sale. Over the past 12 months, home buyers and renters collectively spent more than one million hours browsing property listings on Hipflat and viewed 3.7 million web-pages monthly.

The company is backed by well-known international VCs and business angels, including 500 Startups and Japanese companies OPT and Aucfan.

About the Domus Protocol

The Domus Protocol is blockchain-enabled software that is being developed by Hipflat. The goal is to bring transparency and trust to the online property search experience. Visit http://domus.network for further information.

For further inquiries please contact:
Denis Nemtsev, Founder & CEO of Hipflat: denis@hipflat.com

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Denis Nemtsev, CEO & Founder
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