Blockchain technology is being used in each and every industry. Same is the case with real estate industry. The technology is not just being used by cryptocurrencies like Bitcoin but it is also being used in the real estate sector.
With the help of blockchain technology, the real estate sector is becoming more and more transparent. Also, with the help of distributed ledger technology, the information is easily accessible to the prospective buyers and sellers. Moreover, the verification of the documents and transactions can be easily verified as well. When that is the case, the entire sector can become much more credible. Also, with the help of proper authorization of the users as well as the property, it will become easier to conclude the real estate transactions as well. As a result, the entire system will become much more transparent and credible.
Streamlining the various processes:
When you look at the amount of paperwork which is involved in the real estate sector, you will realize that it is immense. With the help of blockchain technology, these processes can be easily streamlined. Moreover, the various stakeholders can be up to date with the status of the processes. This will ensure that the transactions can be done quite safely. Also, all the stakeholders which are involved like the brokers, property appraisers, buyers as well as sellers will be on the same page and can check the status of the deal online. When this happens, it will become easier for both the parties to understand when they have to act as well
A blockchain-based form by the name of Ubiquity is trying to replace the paperwork in the real estate sector in Brazil. It is storing all the information on the blockchain. As a result, the entire information is easily accessible to the various stakeholders. The important factor here is, the information can be easily verified as well. As a result, it becomes much easier to execute the transactions.
According to Sheila Botting from Deloitte Canada, with the help of blockchain technology, the entire process can be easily streamlined. It will become much more transparent as well. As a result, it will become easier for the various stakeholders to conclude the transactions. Also, the transactions can be concluded in a shorter period of time. Sure enough, it can eliminate certain rules and the real estate industry but a lot many rules will be created as well. The investment in the real estate industry can go through the roof as a result. All this accounts for transparency and hassle-free business interactions
Decentralized database:
With the help of a decentralized database, investors will be able to easily check the properties which are up for sale. As a result, it will become easier for them to conclude the deals as well and with the speedy process
As crypto revolution continues to accelerate, more and more application will start benefitting from it. All in all real estate landscape will witness drastic revolution with the help of blockchain.
So readers, What do you think of this move in the Real estate business? Let us know your thoughts in the comment below
