How we use blockchain to help co-owners

Team CoBuy
May 8, 2023
Title image for CoBuy article on how blockchain benefits co-owners
ℹ️ In a nutshell

Blockchain & distributed ledger tech provide superior data management
We harness this tech under the hood
Outcomes: co-ownership becomes simpler, safer, and higher-ROI

What is blockchain?

Blockchain is game-changing tech that transforms the way we store and manage digital information.

At its core, a blockchain is a decentralized and secure digital ledger that allows multiple parties to record and access data simultaneously. Each piece of information, or "block," is connected to others in a "chain," creating a transparent and tamper-proof system.

Why blockchain?

Blockchain is an awesome toolkit!

Shared Homeowner OS™ leverages this tech to provide a secure, transparent, and user-friendly app to manage co-ownership.

Key advantages:

  1. Security: Blockchain's decentralized nature and unique cryptographic features make it incredibly secure.
  2. Transparency: Participants can view and verify the data stored on chain without the need for middle-men. Note: permissions and encryption can define who has access to sensitive info.
  3. Immutability: The information stored on a blockchain cannot be changed or deleted, providing a permanent and tamper-proof record of all data.
  4. Accessibility: Blockchain tech can be integrated into real-world apps, making it an excellent solution to manage assets, contracts, and other types of data.

How do we use blockchain?

CoBuy creates a unique on-chain representation of the co-ownership arrangement—a joint venture—to connect all the moving parts. One way we do this is with Algorand Standard Assets (ASAs).

Diagram of Algorand Standard Asset used to connect different aspects of co-ownership

Today, we’re using blockchain and distributed ledger technology for:

➡️ User identity / authentication

➡️ Group identity / authentication

➡️ Consensus

➡️ Digital signatures

➡️ Data & document management

…and more.

This lays the foundation for streamlining multi-party finances, programmatic event handling, and access to goods and services.

What’s this mean for co-owners?

Benefits

More of the good stuff...

➕ Transparency

➕ Efficiency

➕ Incentivized for good behavior

➕ Non-repudiation

➕ Safeguards

Less of the bad stuff...

➖ Manual effort

➖ Risk

➖ Human error

➖ Uncertainty

➖ Costs

Outcomes...

Co-owners minimize costs & maximize returns over the full ownership lifecycle:

✅   Save time, energy, cash

✅   Protect relationships, the home, investment

✅   Enjoy peace of mind

➡️  Co-ownership becomes a viable path to owning a home and building wealth.

Why Algorand?

We looked at over 40+ blockchains before choosing Algorand.

Technically, Algorand is the best and most accessible blockchain around:

  • Secure, scalable, decentralized
  • FAST: 6,000 transactions per second and settlement finality in 3.6 seconds
  • Low cost: ALGO 0.001 per transaction (= fraction of a penny)
  • Carbon zero

We believe in Algorand’s team, technology, and mission to level the playing field.

We agree with Algorand’s pragmatic approach to working with governments and financial institutions.

Finally, the Algorand ecosystem—a.k.a. #algofam—is full of talented builders, creators, and enthusiasts who share values and support one another.

Which Algorand features do we use?

We're leveraging Algorand's core Layer-1 feature set today:

  • Algorand accounts
  • Algorand multi-signature accounts
  • Rekeying
  • Algorand Standard Assets (ASAs)
  • Algorand Smart Contracts (ASC-1)
  • Atomic Transfers

Here's to leveraging new toolkits and working together to level the playing field!

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