Blockchain-based real estate purchase and rental deal platform ShelterZoom Corp. today announced a next-generation deal, contract and transaction management platform called Mithra that’s built atop blockchain technology designed to enable smart contract execution.

Mithra uses distributed ledger technology, better known as a blockchain, to enable participants to code contracts that legally hold property and money for the purpose of transactions, including for real estate, commodities, trade and many other legal contracts.

Using blockchain technology, ShelterZoom said, Mithra will deliver greater transparency, security and profitability to users by making use of the company’s tokenized smart contract platform to automate the legal exchange of property and other financial transactions.

Dmitry Goroshevsky, ShelterZoom’s chief architect, said Mithra represents an evolution in paper and even smart contracts. It breaks down the contracts themselves into basic terms, which can be encoded. They can then be written into the immutable ledger of the blockchain and executed automatically when contract conditions are met.

“Mithra Contract not only contains all the benefits and functionality of smart and Ricardian contracts, but goes a level further by turning legal contracts of all types into cryptographic tokens,” said Goroshevsky. “Doing so enables on- and off-chain transferring, trading, auctioning, tracking and execution of legal contracts. None of this was possible before.”

A Ricardian contract is a software solution that places all the defining elements of a legal agreement into code terms that can be expressed and executed by a computer. In the case of Mithra, these contracts can be used as a markup language for defining the terms of a real estate transaction between parties that governs the exchange or deal being made.

This contract platform will be powered by ShelterZoom’s own tokenization system, ShelterZoom Mithra Coins, which acts as a fee and payment system to ensure transparency,  and specialized tokens called Mithra Tokens, which record the details of the contract in an immutable ledger format.

“The release of Mithra Contract, ShelterZoom Mithra Coins and Mithra Tokens signals the beginning of a new digital era of deal, contract and transaction management,” said ShelterZoom co-founders Chao Cheng-Shorland and Allen Alishahi. “It is the first time that any individual or organization can make deals, create contracts and close transactions on immutable, auditable and transportable tokens – all secured in their digital wallet.”

One distinct benefit of the Mithra platform will be how much faster real estate transactions can be executed. By 2021, ShelterZoom hopes to lower the time it takes to negotiate and close deals down to 72 hours. It also hopes for a significant drop in the amount of time it takes to issue bonds, close financial transactions, procure and tender commodities, and complete international trades.

ShelterZoom also believes other industries that could benefit from this platform include education, cannabis, legal and healthcare.

Mithra includes a GitHublike contract term editing function so legal professionals can program and collaborate on the legal code. Contractional parties can create, edit and review every contract item. The tool allows for the demonstration of each item’s use, execution and its history.

For the legal experts, Mithra provides a Google Docslike, real-time deal and contract negotiation feature that uses decentralized copies with secure tokens. As a result, the history of the negotiation is also retained in the blockchain and can be reviewed when official changes are made.

Mithra Contract is in beta testing today. A group of more than 100 beta subscribers and several ShelterZoom affiliates will be invited over the next few months to be part of the initial rollout of the platform.

Amid the first beta testers, ShelterZoom intends to reach out to real estate firms and service providers, with several legal, consulting, accounting, public relations, medical equipment and cannabis companies.

The final product will become generally availabile in the near future. Further details on ShelterZoom’s current platform are available on the company’s website and it is also possible to sign up for the Mithra Contract beta today.

Image: Pixabay