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Security & privacy
Tokenization increases security in real estate investing by providing a tamper-proof, transparent and immutable record of ownership, transactions, and compliance. It also allows for automation of smart contract that can ensure the enforceability of rights and obligations, and reduces the need for intermediaries in the process, which can further increase security.
Blocksquare takes multiple measures to ensure the security of its platform and assets. This includes using robust encryption and secure protocols for data storage and transmission, implementing strict access controls and multi-factor authentication, and conducting regular security audits and penetration testing. We also implemented a complex smart contract system that helps us automate compliance and reduces human error.
Ownership and transfer of tokenized real estate assets on the Blocksquare platform are managed and tracked using smart contracts on the blockchain. These smart contracts automatically enforce the rights and obligations of the parties involved and provide a tamper-proof, transparent and immutable record of ownership and transactions.
If a user would lose access to their wallet, the KYC requirement enables system admins to use a "burn and mint" function to transfer tokens to a new wallet for that user.
Note: A special protocol that is available only to high ranking system admins has been put in place to achieve this in a secure manner.
In case of a security breach on the Blocksquare platform, the platform will take all necessary steps to secure and protect the assets, such as freezing affected assets, and coordinating with relevant authorities. Additionally, Blocksquare has implemented a system of multi-signature wallets, which means that multiple parties need to approve executions of function limited to system admins before it can be executed, providing an additional layer of security.