ShelterZoom, creator of the first Blockchain-based next-generation, contract and transaction management platform for real estate purchase and rental deals, announced Mithra Contract. The new tokenized, industry-agnostic digital contract platform is expected to deliver transparency, efficiency, security and profitability to both public and private sector organizations.
Mithra Contract represents an evolution from existing ones, until now, no one has taken a legal contract and deconstructed its actual terms into a smart contract, making the contractual parties hold tokens containing their rights and obligations.
The utility tokens that will power Mithra Contract are ShelterZoom Mithra Coins (SMC), ERC20 tokens that will help govern transparency; and ERC721-based, non-fungible Mithra Tokens, which will record the details of a contract in a secure, immutable format.
Dmitry Goroshevsky, ShelterZoom’s chief architect said,
“Mithra Contract not only contains all the benefits and functionality of smart and Ricardian contracts, but goes a level further by turning legal contracts of all types into cryptographic tokens. Doing so enables on- and off-chain transferring, trading, auctioning, tracking and execution of legal contracts. None of this was possible before.”
ShelterZoom’s next-generation platform is expected to make a significant and tangible difference is the speed of transactions. The company hopes to lower the time it takes to negotiate and close real estate transactions down to 72 hours by 2021, and significantly increase the speed for bond issuances, financial transactions, procurement tendering and international trading. Other industries that stand to benefit include education, cannabis, legal and healthcare.
“The release of Mithra Contract, ShelterZoom Mithra Coins and Mithra Tokens signals the beginning of a new digital era of deal, contract and transaction management,” said Chao Cheng-Shorland and Allen Alishahi, ShelterZoom co-founders.
“It is the first time that any individual or organization can make deals, create contracts and close transactions on immutable, auditable and transportable tokens – all secured in their digital wallet. We’re excited to have created a platform that will help move Blockchain toward adoption with a product that creates real value in people’s daily lives.” He added.
Lee A. Schneider, co-founder of Genesis Block said,
“ShelterZoom is doing important innovation in real estate and Blockchain. The Blockchain ecosystem needs companies , ShelterZoom to continue to push the technology and its applications forward in ways that are useful for people and commerce.”
Mithra Contract is already in beta testing. A group of 100+ beta subscribers and several ShelterZoom affiliates will be invited over the next three months. Most of the beta testers will be real estate firms and service providers, with several legal, consulting, accounting, PR, medical equipment and cannabis companies rounding out the early adopters. The company will release the platform for general availability in the near future.