Omar Kassim's Esanjo Uses Blockchain To Reimagine Real Estate Investment
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Aiming to execute seamless real estate transactions using blockchain technology, Esanjo.com is a global real estate asset management solution using ethereum, an open-source distributed platform on blockchain that's used by developers to build decentralized applications. Launched earlier in July this year, Esanjo is the brainchild of Omar Kassim, formely the founder and CEO of JadoPado.com, which Noon.com acquired in May 2017.
In this #EntMETalks episode, Kassim discusses how he came up with the concept of Esanjo by examining the real estate space and a tech solution for it. As Ethereum lets developers create their own cryptocurrency, Kassim explains how the platform plans to take real estate assets and “tokenise” each asset, giving everyone the opportunity to buy and sell those “tokens”, without the overhead of a bigger entity to handle the process.
Kassim asserts that the concept can also be made applicable to other markets, especially when the tech gets more developed and acquires more partners. One of the biggest hurdles they face is the regulatory environment in the region, as it’s not only about digitizing the real estate sector, but bringing blockchain concepts such as distributed ledgers to the space. As an entrepreneur who's been a part of the MENA startup ecosystem for quite some time now, Kassim notes that VC funding still has room for improvement, and adds that better education is needed to add value to the region's startups.