How Blockchain Can Transform the Real Estate Industry

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• Rent payments can be automatically withdrawn when the deadline approaches.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