Factom Smart Contract Hackathon
Last September 29 and 30, 2018, Factom held their Smart Contract Hackathon in Chicago. Participants were asked to use data from the Factom Blockchain to build a Smart Contract solution. These became an immersion of blockchain experts and beginners that converted their great ideas to execution. Our very own co-founder Amadeo Brands entered with his ChainEstate team as they won the Wanxiang Blockchain Hackathon in Shanghai. His team consisted of Andrey Bogomolov, Ted Wu and Shi Tao.
The event was open to anyone who is interested in the potential of blockchain technology and smart contracts on Factom. The participants ranged from designers, developers to people who just brought a great idea to the table. Teams formed before and during the event to make it easier to work.
Judges evaluated the projects based on the Scale and Complexity, Quality of Implementation of Factom smart contracts, Innovation and Presentation. The judges consisted of industry experts and professionals like Paul Snow from Factom, Sam Joe from Perkins Coie and Lexy Prodromos for the Chicago Blockchain Center.
The demos are done in a “Science Fair” style wherein each team was assigned a table while the judges walked around. we pitched their ideas and showcase their code while answering the judges’ questions for 10 minutes. Afterwards, we had a two minute lightning round presentation for the entire audience.
ChainEstate continued their concept from Shanghai and built out the backend. we also integrated the Factom codebase deeper into their concept while working on-off the chain Smart Contracts. ChainEstate created separate chains for the landlord, leaser and the property itself these chains served as parts of an identity chain.
The team also integrated a rating system so that the leasers and landlords may be able to review each other. we were able to achieve this by making use off chain smart contracts along with an implementation of Etherum and Factom.
ChainEstate addressed the problem of the rapid growth of commercial real estate with a high vacancy rate. In order to provide a solution, we created rental lease contracts as digital assets. we combined the mutable state of ETH to track ownership of the space toke with the faster and cheaper storage of the meta data on Factom. We also used Factom for tracking and storing the data of the property, leaser and landlord.
Along with that, we explained the importance of blockchain which included the following: significant impact on real estate transactions, solving illiquidity problems in commercial real estate, more efficient secondary markets, better control of common space and budget management improvement.
We congratulate the ChainEstate team for a successful presentation and for our very own Amadeo Brands with gaining another remarkable award. This award is an other proof that we are able to provide you the quality service you deserve and help create and implement innovative solutions. Check out our source on our Github page.
Award winning concepts that are sure to lift your brand to success, contact us here and try out our premium digital transformation services today!