RXEAL is the ethereum based blockchain platform which ensures secure deposit storage by providing a decentralized dispute resolution. It creates the smart contract based on the terms decided by both the parties that is the lessor and the lessee.
Nowadays people are relocating themselves to different places or countries according to their jobs or families. As a result rental market is growing day by day and it has got a big future. There is the regular demand for real estate properties and car rental services. But the major problem firstly is with the transparency level between the property owners and the tenants and secondly the security deposits. Tenants doubt whether the refund of deposits will be made on time or not. In order to avoid dispute, the lessee agrees to the decisions made by the lessor, as a result, the lessee lose their deposit funds.
RXEAL is an answer to all the above problems. It helps to eliminate the growing number of fraud cases in rental transactions associated with the unfair withholding of funds from the security deposit at the end of the rental agreement. It provides with an interface to engage using smart contracts which don’t require any technical knowledge or skill to operate and take benefit. This platform is providing a safer, faster and cheaper solution compared to the traditional rental business model.
RXEAL delivers a way to safely store security deposits for various rental products such as the car or a property in the form of cryptocurrencies using smart contracts on the Ethereum blockchain.
Working on the RXEAL platform-
The lessor or the owner of the property creates a smart contract then the lessee sends the funds to the smart contract. If there is no dispute, funds are split according to the contract terms that is decided by both the parties. And if there lays a dispute, additional information is submitted and the dispute initiator pays RXEAL tokens to arbitrators. Funds are distributed according to the arbitrator’s judgment.
RXEAL is the smart, secure and independent way of handling the rental market and its problems.