How Blockchain Can Transform the Real Estate Industry

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Avatar for VanessaJane
3 years ago

The massive adoption of blockchain technology in today’s world has also impacted the real estate industry. 

Some of the Benefits That Are Offered Are 

  • Elimination of brokers and other intermediaries as individuals and businesses can take part in deals and execute transactions seamlessly. 

  • Verify the details of different documents and automatically correct any mistakes that may be present in title deeds and other agreements. 

  • Better facilities to discover new properties by reducing the search time involved. 

  • Higher security measures through features like multi-signature. 

  • The instant flow of communication on a real-time basis between different stakeholders. 

  • Automatic operations will ensure that the transfer and ownership of assets occur seamlessly. 

  • The final property costs may also reduce due to a decrease in expenses on intermediaries such as agents and appraisers.

  • Since ownership gets fractionalized, a broader investor pool can be accessed. 

  • Through powerful smart contracts, compliance with different terms and conditions of contracts are ensured. 

  • Rent payments can be automatically withdrawn when the deadline approaches. 

   What Are the Problems in Real Estate That it Overcomes

  • Maintenance of land titles which are affected by corruption, errors, and lack of adequate information. 

  • The high costs involved in collection of data. Blockchain ensures transparency by storing all data in a digital space. Investors can verify property details and perform due diligence. 

  • Real Estate has been traditionally viewed as an illiquid asset. But blockchain changes the game through fractionalization and innovative financing methods for developers. It boosts the market participation. 

  • With scams and shady deals in real estate increasing, blockchain overcomes the possibility of frauds by establishing a common market place where all properties are listed. 

        With the real estate industry currently being shadowed by inefficiency and poor resource utilization, blockchain technology can prove to be a gamechanger soon. Through distributed networks backed up by high security, it will drive value for all the stakeholders involved.

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Avatar for VanessaJane
3 years ago

Comments

Agree. Blockchain technology is the game changer. It changes the financial world.

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