Replacement of conventional contracts with customers by automated smart contracts


Indastry: Real estate

BeFund`s service: Automated Smart contracts

BeFund`s team: 1 project managers, 3 developers

Technologies: Solidity, JS

Terms: 2 month

Cost: >$30K

About the client

The 29condos company has been operating in Toronto, Canada for a long time since 2006 and helps its clients with real estate issues: new construction investments, purchases, sales and rentals. The company’s employees adhere to the corporate philosophy in relations with the client and always look for individual approaches with respect for openness and honesty. The company’s field of activity is closely related to documentation, calculations, estimates and statistics, so various agreements are of great importance. That is why it was decided to strengthen the activities of 29konds in this direction by introducing smart contracts.

What`s the problem?

About situation:

29konds uses several types of contracts, including investment, commercial and lease contracts. Each of them refers to a specific real estate object, which has its own characteristics, cost, location and other important indicators. Each agreement required the participation of intermediaries, which increased the costs of servicing contracts. Therefore, the idea was to replace ordinary paper agreements with smart contracts, which have the same legal force, but have a number of advantages:

  • publicly available;
  • unchangeable;
  • do not require the participation of intermediaries.

However, conventional smart contracts were not enough, because the value of objects is constantly changing, especially recently in the Canadian real estate market. That is why 29konds needed automatic smart contracts that can adequately respond to changes in the surrounding factors and at the same time work for the benefit of the company.

The goals of project:

Solution by BeFund

To solve the tasks from the customer, BeFund specialists have developed a special decentralized application that manages various smart contracts on the Ethereum blockchain. Smart contracts are developed in the Solidity language using ERC-20 standards. From a technical point of view, the application has one main smart contract that coordinates the work of others. Public libraries with best business solutions were used to develop the user interface for employees.

The most difficult part of the project was the development of automation. As you know, smart contracts are valued primarily for the consistent execution of programmed actions. However, this time it is the automation that allows you to take into account some external indicators for concluding deals: the current value of land plots, the market value of commercial real estate, the current tax rate and much more. The customers and I spent some time looking for oracles, since without their use automation is not possible in general. After the completion of the project, the main achievements are:

Smart contract

Smart contract

From now on, the 29Condos company successfully uses electronic contracts instead of conventional paper ones;



Obtaining data from the outside simplified the work with agreements and reduced the cost of concluding them by 12%-15%;

Nice image

Nice image

The vast majority of customers like modern technologies in work, which increases the reputation of BeFund customers.