blockimmo engaged ChainSecurity to audit their smart contracts which introduce many new features, further enhancing their blockchain powered platform for real estate tokenization. To find out more about the scope of the audit and considered properties see the full report.
Update: Since 12.06.2019 blockimmo is called Token Factory Switzerland AG.
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.