ShelterZoom, creator of the first blockchain-based real estate purchase and rental deal platform, today announced Mithra Contract, the worlds first tokenized, industry-agnostic digital contract platform. Mithra Contract is a next-generation deal, contract and transaction management platform that is expected to deliver transparency, efficiency, security and profitability to both public and private sector organizations.
The company also announced the utility tokens that will power Mithra Contract: ShelterZoom Mithra Coins (SMC), which are ERC20 tokens that help to govern transparency; and ERC721-based, non-fungible Mithra Tokens, which will record the details of a contract in a secure, immutable format.
Mithra Contract represents an evolution from existing paper, smart and Ricardian contracts. Until now, no one has taken a legal contract and deconstructed its actual terms into a smart contract, thereby making the contractual parties hold tokens containing their rights and obligations.
According to Dmitry Goroshevsky, ShelterZooms chief architect, 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. Doing so enables on- and off-chain transferring, trading, auctioning, tracking and execution of legal contracts. None of this was possible before.
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 Chao Cheng-Shorland and Allen Alishahi, ShelterZoom co-founders. 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. Were excited to have created a platform that will help move blockchain toward adoption with a product that creates real value in peoples daily lives.
ShelterZoom is doing important innovation in real estate and blockchain, said Lee A. Schneider, co-founder of Genesis Block. The blockchain ecosystem needs companies like ShelterZoom to continue to push the technology and its applications forward in ways that are useful for people and commerce.
One example of how ShelterZooms next-generation platform is expected to make a significant and tangible difference is the speed of transactions. The company hopes to lower the time it takes to negotiate and close real estate transactions down to 72 hours by 2021, and significantly increase the speed for bond issuances, financial transactions, procurement tendering and international trading. Other industries that stand to benefit include education, cannabis, legal and healthcare.
Another example is a GitHub-like contract term editing function so legal professionals can put materials in it, making it accessible to everyone. With it, contractual parties can see and analyze each contract term its real use, its history, reputation etc. There is also a Google docs-like, real-time deal and contract negotiation feature, but with the collaboration done on decentralized copies in secure tokens.
Mithra Contract is already in beta testing. A group of 100+ beta subscribers and several ShelterZoom affiliates will be invited over the next three months. Most of the beta testers will be real estate firms and service providers, with several legal, consulting, accounting, PR, medical equipment and cannabis companies rounding out the early adopters. The company will release the platform for general availability in the near future.
To participant in Mithra Contract beta testing or become an early adopter, please sign up here.
ShelterZoom recently emerged as the winner of the 2018 SIIA CODiE Best Emerging Technology Award, which recognizes companies that are the most innovative, high-impact products in the market, with the power to transform the future of how we do business. A market leader in blockchain, ShelterZooms next-generation deal, contract and transaction management platform and marketplace are bringing unprecedented innovation, transparency, efficiency, security, and profitability to its customers across industries. For more information, visit ShelterZoom.com.
VP of Public Relations