Buy luxury real estate with VET: Jur delivers first Secure Commercial Agreements for blockchain purchases

We often forget that in addition to producing VTHO and securing the network, VET has another major use: A digital currency. And while we’ve yet to really see people swapping VET for everyday goods, the reach of the VeChain ecosystem is constantly expanding, making that scenario more and more plausible.

This time, ecosystem partner Jur stole the spotlight, building secure commercial agreements that facilitate the flow of currency and procedures to purchase “off the plan” real estate. This allows property developers and construction companies to sell real estate in exchange for cryptocurrency, in a simplified, secure, and compliant manner.

What is buying off the plan?
Buying off the plan is when you sign a contract to buy an apartment that is yet to be built. Without a physical property to inspect, buyers base their decision on plans and artistic renderings of how the apartment might look, in addition to information about the project and developer.

Source: realestate.com.au

Dream Tower – Limassol

These properties aren’t going cheap, either. Located right off the beach in Limassol, Cyprus, these 55 luxury apartments are decked out with a VIP gourmet restaurant, roof-top residents lounge, business center, sparkling fresh water swimming pools and sun deck, world-class spa and sauna, fully-equipped fitness center and outdoor tennis courts. A simple one bedroom apartment is starting at just under €700K, while a 4 bedroom duplex is closer to €7 million.

Artist rendering of the Dream Tower in Cyprus

Convincing potential buyers to use VET might not be easy, but as an added incentive, the sellers are offering a 5% discount for those that do. That is quite substantial when you consider the high cost of one of these seaside flats.

Jur is going to play an important role in developing a complete legal vertical on VeChain’s infrastructure. These secure commercial agreements (SCAs) will automate a number of large professional applications, such as the real estate scenario we’ve seen here. This isn’t as easy as it sounds – Jur had to do a ton of work ensuring that the development company had the correct procedure to legally accommodate overseas buyers. It’s worth noting that in Cyprus and other areas receiving a high level of tourist traffic, overseas buyers make up a large percentage of overall purchases. The result is that Jur’s automated solution can save a lot of time, and give developers a lot more options, expanding the potential market on the international stage. With that in mind, it’s safe to suggest that the SCAs won’t end when the final Dream Tower property is sold – this can be replicated all over the globe.

Artist rendering of inside a Dream Tower apartment

And while the JUR token isn’t the primary focus of the exchange, law firms interested in working with Jur on SCAs and commercial standards will need to be a Jur Status holder – a hybrid staking model that was announced at the OceanEx Meetup in Europe last year. We are expecting an updated announcement on that early in Q1 of 2020, so stay tuned for that. These SCA deals can be extremely lucrative for law firms, and as a a first-mover in the blockchain legaltech space, Jur is in a good position to garner an abundance of professional interest.

Regardless of the outcome, this is another remarkable feat for the VeChain ecosystem, as they continue to knock down barriers into uncharted commercial use cases. With capable partners like Jur building alongside – 2020 is promising to be an eye-opening year for the entire ecosystem.