PropOps Tracks Real Estate Operations on the Tangle

Monitoring More Than $1.3 Billion in Assets

TL;DR:
The IOTA Foundation and PropOps announce that more than $1.3 billion in real estate assets is to be monitored using the IOTA Tangle. PropOps allows for immutable audit trails, technical and infrastructural property management compliance, and rock-solid due diligence. In addition, both parties are committed to working together closely to transform an industry ripe for disruption.

Although today’s real estate industry is valued at billions of dollars, the operation and maintenance of real estate itself needs to be updated. Today, it still revolves around one-on-one communication between asset, property, and facility managers and their subcontracts, as well as a vast amount of Excel files and PowerPoint presentations. However, as more and more real estate owners and asset managers consider data an internal part of their buildings, the industry is in need of data-driven solutions that bring operations and maintenance into the 21st century. PropOps, a German company and cloud-based platform for monitoring property operations, is offering just that by connecting the legacy systems of facility managers to its cloud, automatically aggregating and homogenizing the operational data to build an extensive history of their assets.

PropOps and the IOTA Foundation have worked together closely since the launch of the IOTA Chrysalis network upgrades in April this year to successfully convince customers like LBBW Immobilien, a subsidiary of German Landesbank Baden-Württemberg, and facility management partners like Dussmann Group to bring transparency and trust between the stakeholders of property operations to a new level.

The platform uses the IOTA Tangle to store fingerprints ( or “hashes”) of all data increments in an IOTA permanode to make data flow immutable. This way, no central authority is required to prove the validity of the data documented via PropOps. The PropOps cloud and its underlying data are used for internal audits, environmental certifications, compliance checks, and due diligence before a building changes hands. If one of the parties involved has doubts about data consistency, current fingerprints can be compared to the ones stored on the Tangle.

In addition, PropOps recently decided to activate fingerprinting on the IOTA Tangle as a default and will work hard over the following months to onboard more real estate assets. It aims to break through the $10 billion ceiling by 2023. IOTA Foundation and PropOps are committed to working together closely to transform an industry ripe for disruption. Delivering transparency and trust to a field with systematic data drain, distrust between stakeholders, and on the other hand, a lot of pressure from regional, national and international legislation for transparency is the perfect ground for new business models combined with the right technology to enable them.

Philipp Feil, Founder and co-CEO PropOps: “After thorough research, we were confident that we found the right ledger technology and an incredibly supportive partner in IOTA and the IOTA Foundation. It’s a huge advantage to build on a technology capable of dealing with millions of microtransactions and a mature organization that is a well-known player in the field.”

Reflecting on the partnership between the IOTA Foundation and PropOps, Holger Köther, Director of Market Adoption at the IOTA Foundation, said: “PropOps is the prime example of how a fast-moving and disruptive company utilizes the latest technologies for its competitive advantage. With IOTA being rolled out in production, all important building management aspects are documented in a transparent and immutable format on the feeless IOTA Tangle. This works as a single source of truth between PropOps and its customers and can later provide the basis for additional business models and interactions across multiple parties.”

About PropOps

With its digital real estate ledgers, German PropOps GmbH has been seamlessly documenting technical building operations in the cloud since 2019. It supports technical asset and property management with operational planning, service contractor controlling, and due diligence.

Further information about PropOps can be found on PropOps.com, the frequently updated blog on LinkedIn and @propops_cloud on Twitter.