Jur, a protocol for legal smart contracts on the VeChainThor blockchain, announced today that HKCY Hotels Ltd. selected Jur as an infrastructure partner for purchases and rentals of Cyprus real estate. Introducing commercial-related agreements on Jur grants a way to use blockchain for any type of business transaction, with real estate now being the first use-case.
HKCY Hotels Ltd. is building properties in Cyprus worth over EUR 160M. Jur will help develop the infrastructure to accept crypto payments and, at the same time, ensure security and legal compliance for the purchase procedure. As a solution from the VeChain ecosystem, Jur has also secured up to a 5% discount for buyers willing to purchase a property in VET.
“We are proud to announce that, while the dApp building phase goes on, we have managed to create a flow for the real estate industry, which will provide Jur with the experience and use cases for delivering fully automated solutions in real estate purchases.”
– The Jur Team
The Jur team is building an entire set of ‘Secure Commercial Agreements’ for purchasing properties and rentals with a blockchain-based flow. The solution will manage escrow, unlock money according to milestones achieved and is audited by a third-party validator.
In case of dispute, a pre-alpha version of Jur’s Court Layer will be used to provide a corruption-proof digitized arbitration system.
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