Wealth Migrate adds a blockchain to online marketplace
18 October 2016 | 3454 views | 0
Source: Wealth Migrate
Today, Wealth Migrate became one of the first FinTech enabled online investment marketplace specializing in real estate transactions to integrate blockchain technology in a move that significantly enhances security and privacy protections for investors around the globe.
Wealth Migrate Chief Information Officer Jaco Maritz said that while many financial services providers are experimenting with the transformative power of blockchain and distributed databases, few have successfully integrated the technology in a way that benefits global investors looking for enhanced security and assurance when investing across borders or locally.
“Investing across borders is a complex process often wrought with fraud,” says Scott Picken, Founder and CEO. “At Wealth Migrate, we are committed to our vision of using financial technology to help investors everywhere have access to world class commercial real estate investments in currency stable markets. However, with the real dangers of fraud, we wanted to give global investors an additional level of security and peace of mind with the ability to have an un-editable record of their investment, providing them extra transparency in the process.”
Jay Thomson, Chief Digital Officer, adds, “It is all about trust when it comes to investing, and this technology provides the foundation to enhance our three core values of Wealth Migrate: trust, transparency, and alignment of all parties involved. Blockchain helps us achieve our Vision, where WealthMigrate.com is the premier online investment marketplace where anyone in the world can invest in any amount, in any property, anywhere.”
“The technical incorporation of blockchain into our marketplace will provide our investors with a number of benefits, including greater protection of personal information, enhanced compliance, the inclusion of smart contracts, and decentralized confirmation of their transactions,” Maritz says. “We have gone out of our way to create the most secure and compliant online real estate investing marketplace across the globe, whilst achieving our ongoing mission of making it ever more simple, safe, and easy for investors at every level.”
Going beyond blockchain’s offerings, the enhanced Wealth Migrate marketplace adds an additional level of security within its blockchain as a “one-way hash code.” This is an extra, highly secure encryption applied to investment transactions in the blockchain, providing an unprecedented level of privacy and cybersecurity protection. Platform users will be able to access a new ‘blockchain’ section, which generates a unique transaction code and hash value once they have completed a transaction. The transaction is then stored on the blockchain via a secure public Bitcoin library, which can be queried by investors with the right hash code to validate their investment.
Investors domiciled in developing and emerging markets will be especially advantaged by the software enhancements, as they are often exposed to greater risks when attempting cross-border transactions. These risks are mitigated by the encryption and immutability functions of the blockchain.
In addition to the blockchain integration, the marketplace has a number of other cutting edge features coming, including automated investment advice and specialized investment products depending on investment goals.
Picken states, “Although some way to go, this blockchain based marketplace will ultimately completely democratise investing, both locally and internationally. With the adoption of cryptocurrencies, this will dramatically reduce the costs, increase the returns, and ultimately increase the efficiency and accessibility for all. It is another major step forward to us realizing our vision of making investing available to the 99-percent who want to invest like the top one-percent.
“We are doing this with the use of FinTech technologies like blockchain, which helps us get closer to our dream of $1 per person, per investment. A $1 investment won’t change someone’s life, but it will change their habits, which in turn will change their financial destinies.”
The blockchain announcement follows the successful launch of a permanent presence for Wealth Migrate in mainland China, with an office officially opening in Shanghai in April 2016.