Today, we are launching some exciting news: Our new platform, Miris X, based on blockchain technology, which will lower the cost and increase the return potential of real estate projects while creating significant efficiencies by reducing cost and scaling the productivity of the construction process.
Miris is launching a platform based on blockchain technology which will lower the cost and increase the return potential of real estate projects while creating significant efficiencies by reducing cost and scaling the productivity of the construction process.
The Norwegian real estate industry have two things in common. Firstly productivity has been falling year on year. From 2000 to 2018 the productivity decreased by 10 percent, as compared to the overall cross industry productivity of Norway which increased by 30 percent (Statistics Norway).
Secondly, real estate projects require substantial amounts of time to complete which means investors are financially bound to projects for long periods before they can earn a return. Added to that progress is hard to measure for everyone outside the daily management of the project. Investors lack visibility of the project progression. This is all about to change.
Miris has developed a platform called Miris X which will solve both problems.
“Through ‘smart contracts’, we enable investment in real estate projects to be fractionalized, meaning that investors do not have to have deep pockets to participate in the opportunities. In effect they can invest in a ‘part’ of a project. This has huge implications for the retail investment market. In addition, the potential for conflicts along the whole supply chain is thereby reduced. We record all ‘jobs’ – deadlines, budgets and payments on the blockchain. Smart contracts are initiated based on automated gates in the project lifecycle. Put simply, we can eliminate a supplier deviating in a bath room design in a large high-rise apartment, at the point of failure. And that could be when the wrong tiles are delivered”, says Jan Gunnar Mathisen, CEO of Miris.
Miris X will reignite the faith in real estate projects investment and supply chain optimisation. The smart contracts will reduce the number of conflicts, increase oversight, reduce the need for intermediaries and above all will enable Miris to provide investors with access and opportunity at the lowest cost in real estate.
“Investors will have access to real estate projects in a frictionless manner, and enjoy visibility of project progression in a transparent way”, says Jan Gunnar Mathisen.
An ecosystem for green real estate development
On Monday, the 15th January, Miris announced an exclusive partnership with industry giant NOKIA in order to capture the market for local data centers in Northern Europe. This partnership will accelerate Miris’ vision to be a leader in Smart Community development.
The partnership will enable Miris to capture energy and heat capacity created in these state of the art datacenters which can then be used to power residential and commercial developments in a ground breaking sustainable manner.
“Our perspective is that there is no use in tackling small problems here and there in real estate. What the industry needs is a revolution in how we invest in real estate, how we develop properties and how buildings are operated. Miris X delivers all this”, explains Nicole Anderson, chair of the Miris board, and expert on blockchain technology.
Miris, in addition to its innovative collaboration with Nokia, is the pioneer behind the worlds 1st energy positive hotel by Svartisen glacier, called Svart. This hotel will be complete in 2021 and has already captured world attention. The company has spent nearly two years working to bring this landmark construction to life in the design, build and operations planning.
“We are the always looking to adopt technology ourselves and prove it out. Our commitment to innovation allows us the opportunity to ‘walk the talk”, says Mathisen.
Because Miris consider themselves an environmentally focused company, by providing energy efficient community living, ethical investment in green investments is at the heart of Miris’ focus.
“We, as players in the energy and real-estate market, cannot sit back, especially when we know how important a sustainable construction industry is for the world to reach the climate goals”, says Mathisen.
To that end, Mathisen is very clear on his vision. Miris X will be an industry catalyst. The platform will be a marketplace for other developers over time to enjoy the benefits of tokenization in real estate.
“There are many people working on similar ideas which is heartening. That’s the hallmark of demand. However, no-one has such a broad perspective and the same speed as us”, says Mathisen.
Miris X facts:
Miris X is a technology platform which brings the benefits of asset backed tokenization to real estate investors globally along with its portfolio of smart community development projects. Miris X also enables digitalization of the construction . Using smart contracts and blockchain technology, the system ensures traceability in all steps. In addition, trustworthy transactions can be executed directly in the system, without the use of expensive intermediaries. The technology is developed by the real estate and technology company Miris, which recently entered a partnership with NOKIA to develop smaller data centers together in Northern Europe.