In the past weeks blockimmo engaged ChainSecurity to audit their smart contracts which introduce many new features, further enhancing their blockchain powered platform for real estate tokenization.
blockimmo offers the tokenization of real estate via smart contracts on the Ethereum blockchain. The system contains a land registry contract, which bridges the gap between the common off-chain Swiss land registry by mapping the unique eGrid number to a corresponding smart contract, which tokenizes the property. Each property is then split into one million tokens. Furthermore, blockimmo enables the investors to manage their real estate investment via a DAO (decentralized autonomous organization), receive dividend payments on-chain, and easily buy and sell their security tokens. Different types of investments are converted via KyberSwap into DAI, which is used for all value transfers in blockimmo’s system. To get interest on currently not invested funds (held in DAI), these funds are continuously invested into Compound.finance. As several features are not fully decentralized (due to regulation)and instead under blockimmo’s control, investors need to trust blockimmo regarding the correct system setup and system management.
ChainSecurity analyzed blockimmo’s smart contracts using a variety of tools for automated security analysis of Ethereum smart contracts, including Securify and manual expert review.
ChainSecurity found several medium and low severity issues which have all been fixed or addressed by blockimmo.
The collaboration with blockimmo was always professional. Initially, blockimmo gave a good introduction into their code and then professionally handled all issues which were uncovered during the audit. Overall, it was a positive experience.
Hubert Ritzdorf, Chief Technology Officer of ChainSecurity
Working with the ChainSecurity team was an absolute pleasure, thanks to their thorough approach we have further increased the robustness of our core infrastructure.
Bastiaan Don, Managing Director of blockimmo.
About blockimmo
blockimmo is a blockchain powered start-up on the verge of becoming the go to marketplace for real estate tokenization. Our regulatory compliant ecosystem enables fractional property investments and ownership. Properties are officially and legally represented as security tokens on the Ethereum blockchain. We partner with financial institutions and other strategic partners in different countries to enable and grow the cross-border market. Operating out of Switzerland, blockimmo is focused on facilitating an accessible, streamlined real estate market, while delivering value to our users one step at a time. Ultimately resulting in a global real estate market far more efficient than the stock market today.
Find out more at https://blockimmo.ch/