Cybersecurity enables digitalization of the housing market
Nixu Corporation, Press release on March 16, 2020 at 9:45 AM EET
The DIAS platform, built by a Finnish technology startup Tomorrow Tech, and audited by cybersecurity company Nixu, enables digitalization of the housing market in Finland. Currently, up to 96% of the Finnish housing loan market is included in the service.
Although Finland is a highly digitized country, there are still many sectors where a person cannot conduct their business digitally. One such industry is the housing market. A particularly good example of this is the market for Finnish housing companies, where not much has changed in the last hundred years: the owner of each apartment in a housing company is marked on a paper share certificate that is stored in a bank, and whenever an apartment changes hands, these certificates must be updated manually. When a sale is to be finalized, the share certificate is transferred from one owner and bank to another, and the parties must sign the necessary documents at a particular bank.
Paper-based real estate deals are history - the housing market is now powered with blockchain technology
The DIAS platform, built by Tomorrow Tech, has brought the housing market to the digital age. When the buyer's and seller's banks and the real estate agent's brokerage system are on the DIAS platform, none of the parties involved need to visit any bank when an apartment is sold.
The trade itself is conducted on the DIAS platform: the real estate agent initiates the transaction, and after each bank's inspection, the seller and buyer sign the deed digitally. After the deed has been signed, the banks can manage the necessary payments and the transfer of ownership directly on the DIAS platform.
DIAS is based on blockchain technology, meaning that the progress and the result of trade are visible to all parties involved. "Digital housing trades are faster, more transparent, and smoother than traditional housing deals," says Sami Honkonen, CEO of DIAS.
Securing the service with Nixu's security audit
Nixu was responsible for DIAS' technical security audit. The audit was based on best practices and utilized a number of reference frameworks used in the cybersecurity sector. Nixu reviewed each user interface in the different versions of the application and examined the configurations used for every API. The maintenance services for third parties were also audited. The parties responsible for bank compliance approved DIAS for launch in June 2019. Currently, 96% of the Finnish housing loan market is included in the service.
"As a cybersecurity company, it has been great to be involved in the DIAS project because it has such a significant impact on the society and the housing market. Our co-operation is a good example of how we can build a secure digital society together," Tommi Vihermaa, lead of Nixu's Security Engineering, sums up.
Tommi Vihermaa, Business Unit Lead, Security Engineering, Nixu Corporation
Tel: +358 40 752 0616, email: Tommi.Vihermaa@nixu.com
Nixu in Brief:
Nixu is a cybersecurity services company on a mission to keep the digital society running. Our passion is to help organizations embrace digitalization securely. Partnering with our clients we provide practical solutions for ensuring business continuity, an easy access to digital services and data protection. We aim to provide the best workplace to our team of over 400 cybersecurity professionals with a hands-on attitude. With Nordic roots we serve enterprise clients worldwide. Nixu shares are listed on the Nasdaq Helsinki stock exchange.
Tomorrow Tech in Brief:
Tomorrow Tech is a Finnish technology startup that is owned by its partners, a ten-strong group of top technology experts in Finland. Founded in 2017, the company generated EUR 1.4 million in 2018. Tomorrow Tech's first released product is DIAS, a digital trading platform for the housing market. The booming success of DIAS has resulted in it being spun off into a subsidiary company called Digitaalinen Asuntokauppa DIAS Oy, which operates under Tomorrow Tech and includes several Finnish banks as minority shareholders.