Metrovacesa launches DE CONFIANZA (RELIABLE), a new client information channel based on blockchain technology

This system is created to incentivise client trust and transparency in an easy, fast and innovative way.

Avintia, FCC Construcción, Ferrovial and Sacyr, four of the most relevant construction companies in Spain working with Metrovacesa in its developments, and also partners of Alastria, have joined in the DE CONFIANZA (RELIABLE) project.

The first stage of the project will be run for the developments of Malaga and Almeria, amongst other Spanish provinces.

Metrovacesa has launched DE CONFIANZA (RELIABLE), a project run by associations Alastria Blockchain Ecosystem and Data Economy España, though a group of their associated companies, namely, Add4u, Kunfud, Councilbox, Veratya estrategias corporativas and Epunto interim Management. DE CONFIANZA (RELIABLE) is a system based on blockchain technology, which provides clients and potential clients with immediate and easy access to the information relating to their developments, and is supported by the third-party verification. This initiative was created with the purpose of increasing industry trust and transparency, improving Metrovacesa’s customer service at the same time.

DE CONFIANZA (RELIABLE) provides all the information on the Metrovacesa developments through mobile phone QR scanning. Clients can use this system to check information such as the details of the construction company carrying out a specific construction project, the permits that have been obtained from the public administrations, the details on other parties involved in the project (architect, marketing company or financial institution, etc.)

Stakeholders’ validations are obtained through the Digital ID provided by Alastria. Four of the most relevant construction companies in Spain, namely, Avintia, FCC Construcción, Ferrovial and Sacyr, also partners of Alastria, have joined in the DE CONFIANZA (RELIABLE) project, thus using blockchain to confirm the developments in which they work for the developer.

The first stage of the project will be run with the developments in Malaga and Almeria amongst other Spanish provinces.

Carmen Chicharro, the Director for Innovation and Marketing at Metrovacesa, stated: “We are convinced that innovation and the use of technologies such as blockchain are key allies to project self-confidence and transparency to clients who have already purchased their properties with Metrovacesa, as well as potential clients, due to this technology’s characteristics: decentralisation and immutability. At Metrovacesa we work enthusiastically in these projects, in an open innovation model, where large companies, associations, administrations and start-ups work together at the same level”.

What is blockchain technology?

Blockchain technology is a public, shared and decentralised database that works in the manner of a log book where sales or any other kinds of transactions are registered. This technology was initially used as an accounting method for the virtual coin, i.e. the bitcoin, which uses blockchain to ensure secured transactions.

On the blockchain platform, no transfers of valuables (either money or any other valuable assets) are made through intermediaries, but through a consensus, allowing for the storage of transparent information at all times.

This technology has transformed processes in various economic, scientific and other sectors. For example, there are platforms using blockchain technology to visualise the supply chain of the products we eat, thus tracking the food’s journey from the moment it leaves the fields until the moment it gets to our tables. With the creation of DE CONFIANZA (RELIABLE), Metrovacesa has become the main driver of blockchain initiatives in the real estate industry.