Co-founder and CTO of METRUMCOIN LTD. Vassily Buzuyev Reveals a Secret of the Blockchain and its link to the Global Real Estate Market
by Guest Post
Vassily, What is the Blockchain, and What are its Advantages?
Vassily Buzuyev: It should be pointed out right at the beginning that blockchain technology allows you to record and store certain information about projects, deals, and transactions safely. This means that we guarantee the inviolability of real estate recorded to the relevant Ledgers.
It’s my firm belief that security is provided by the use of several mechanisms:
- The first mechanism is the digital signature of the object, called a “hash.” These digital signatures are the result of a hash function, the components of which are the object itself and the hash of the previous record. If at least one of the records changes, the digital signature of the corresponding object will change and the entire subsequent chain of dependent signatures of the following objects will be destroyed. The consequence of such an organization protocol is to provide a digital signature, a clear temporal sequence of records for all objects and transactions.
- The second mechanism provides control to the owner, over his records through the mechanism of an asymmetric key pairing – “private-public.”
- The third mechanism is the duplication of registries on a large number of nodes throughout our network via synchronization tools.
I have little doubt that in our utilization of the blockchain, a robust security system is built, which provides protection from unauthorized access. None of the network users have access to protected objects. Such objects are only accessible for certain services and software components, rarely – for the project supervisor. Nevertheless, even in this case, we share the master key between several administrators. That is, one person enters one part of the key, the second part of the key is entered by the second person and so on. The main advantage of blockchain technology is the high level of security. There is no such place in the system, which could facilitate the destruction of all data if destroyed. If one node is destroyed, then the system does not lose its functionality, and thus retains its survivability.
What are the Capabilities of the METRUMCOIN Cryptocurrency?
Well, METRUMCOIN is a niche industry cryptocurrency. This e-currency currently does not have all the properties of money. Truly speaking, this is a tool of money circulation and a measure of value. All objects and services have a certain value in their measures, i.e., currencies on our platform. They are converted into Metrumcoin currency according to rates agreed with participating countries. Therefore, on our platform, all trades and transactions can be made with internal currency METRUMCOIN, regardless of the country in which you are located.
METRUMCOIN speeds up and simplifies many business processes, and also allows you to get away from currency regulation and from problems related to national boundaries. This currency has its own emission and is as well protected as any other cryptocurrency. No one can influence its circulation and transactions except for the owner. Thus, METRUMCOIN should be considered a cryptocurrency. However, our currency does not need to be mined. We plan to turn it into full-fledged money.
Why is eMarketplace for Real Estate Useful? How Does it Work?
Our business network is structured like LinkedIn. We have organized our eMarketplace on the basis of this network. This is the place where participants register, search for objects to purchase, objects for investment, place objects for sale, search for counterparties, search for services of related specialists, search for investment, and build supply chains, etc. Our eMarketplace has internal support systems such as accounting systems, billing systems, eCommerce, interaction system with banks and payment services, e-learning system, and a system of bidding at auctions.
What is the Purpose of METRUMCOIN Platform’s Intelligent Adaptive search?
Millions of developers, buyers, sellers and other experts can connect via our eMarketplace. This fact leads to a question; how can they find each other if there is a need to ensure the fastest possible search for the right partners? Going right to the heart of the problem I’d like to say that we provide a detailed digital profiling of all participants that we will keep up-to-date through ranking mechanisms. The participant’s profile will also accumulate the history of his successful transactions, his reliable partners, his preferences, or negative responses. Our system of cognitive assistance is constantly learning and will allow us to place most relevant results at the top for a particular user. Furthermore, we are using a system of smart filters.
How do Regional Clusters provide Durability of the METRUMCOIN System?
Honestly, I hold the view that it is not safe to create a single data center, even from system survivability point of view. In fact, we want to organize our work in such a manner that our business is grouped by regions, just like with financial clusters. For the sake of information exchanges, it is better to localize businesses. By saying ‘clusters,’ we mean – a self-contained set of functional systems that is capable of independently servicing all transactions carried out in a particular region without involving third parties. Clusters optimize communication. Clusters simplify business processes and ensure the survivability of the entire global system. If any given cluster is damaged, the system still functions.
How are Business Processes carried out on the METRUMCOIN Platform?
We are a new leader in Real Estate Market processes. New technologies for data transmission and processing allow us to significantly simplify and accelerate existing business practices, optimize them, and make them friendlier. Thus, increasing the number of deals, financial transactions and, as an integral criterion of the global market – increasing the annual turnover of the whole market. Compared to traditional technologies, the METRUMCOIN platform makes sure that everything will happen much faster and more efficiently.
What is iDEALS about?
iDEALS™ is about a high-level language for doing business. First of all, we formalize deals in the form of a sequence of actions in the notations of the BPMN 2.0 language, having the possibility of regional or local customization of these processes. For instance, a simple situation, when we sell some property directly – we receive a description of a given property, the platform services verify it and make an appraisal, and as a next step, it is placed on for investment. We conclude a deal with a person who has found a property, making financial transactions including commissions and transactional fees, and as a final step, we have to register the ownership of the property. A smart contract, despite its advantages, is way too limited to make something useful out of it. So, we decided to use another tool – iDeals™ – our own language performing business processes, thus creating our own environment in which the iDeals™ language is understood and executed at runtime. It automatically holds all participants strictly in the framework of a formalized business process with no deviation allowed. We determine a degree of statistical success of a particular contract by using this language. The system will identify the most successful transactions to offer them for mass use. At the next stage, we provide a studio for developing scripts, linking it to the certain developer with a corresponding reward.
What is the Innovative Nature of the METRUMCOIN Project?
Well, let’s take a closer look at the question:
- We have created a single digital space for all real estate market participants and provide help in finding each other with artificial intelligence, or intelligent adaptive search tools.
- We offer our own in-house currency and a sufficient set of investment and financial instruments on our platform that provides a gateway between fiat money and cryptocurrencies. By managing the basket of currencies, we aim at minimizing their volatility.
- We provide operational support systems for each user category.
- In addition, we simplify existing, as well as standardizing new processes on the platform.
- The open nature of our platform allows you to connect to the already existing Real Estate networks with its own set of facilities and infrastructure. Allied specialists providing their own services are also welcomed. In fact, this means that we create a cooperative-service platform.
Speaking jazz language, we only provide the initial theme, but the platform arranges and plays its own, unique music. We are going to collect all real estate market participants and give them the most progressive tools we have. This is exactly what I mean by project innovation and synergy.