Aqar Chain a Saudi grown real estate asset tokenization company that uses blockchain as a technology has partnered with US based IOT WiFi service provider Kloudspot. The companies signed a MOU detailing a joint development and pilot using their collaborative technologies to be as a use case in the GCC market, starting from Saudi Arabia.
Kloudspot began by building a software defined networking solution to ensure networks were easy to install, monitor and manage and to ensure reliability at a global scale. Artificial Intelligence and Machine Learning concepts were then used to create services to manage sensors and devices to gather intelligence from the physical world. Businesses use various third-party solutions to run their business. In order to make digital transformation effective, Kloudspot built methods to integrate and correlate data from WiFi networks, from the sensors and from existing third-party CRM and PMS systems with the client. Kloudspot’s data analytics enables intelligence to be derived from these co-related data.
Aqar Chain is creating a real estate investment platform to unleash these opportunities in the blockchain era. This new platform will give investors direct access to a new and lucrative asset class to add to their investment portfolios. Using this Partnership, Aqar chain will enable a powered by Kloudspot service on their mobile application allowing the users a unified and seamless experience in leasing their properties.
“Short Term leasing will be digitally enhanced with this service, allowing the homeowner to securely lease the property to the real person, using the block chain technology; a digital identity and a smart contract governed leasing is the backbone of this process” said Waqas Nakhwa Co-Founder and CTO of Aqar Chain.
Aqar Chain with Kloudspot services allows Homeowners with increased revenue opportunities and guests with seamless connectivity, convenience and content, this partnership is POC of amalgamation of these technologies and completely digital experience” said Ravi Akireddy CEO of Kloudspot
Kloudspot is already operational in Saudi Arabia through a local partner and this Pilot is just the beginning of implementing the technology of the future and in line with the kingdoms vision 2030. Aqar Chain is in beta version and will be fully operational by 2nd quarter of 2020, Currently the MVP is ready and will be open for a closed group of testing phase and market research.