How Blockchain can Change the Real Estate Industry for the Better
These days, everything seems to go hand in hand with technology such as the real estate industry. Technology is getting more and more advanced as the years go by. With these advancements, a lot of options open up for real estate to influence people into buying new properties.
One of the trending technologies that can make such a significant impact is blockchain. It offers real-time information that helps secure financial transactions. The blockchain technology utilizes unique access codes that people can use anywhere in the world to share data. In essence, they remove the need for a third party which in turn transforms the industry.
However, despite all the advantages of using a blockchain technology in real estate, only a few companies take advantage of it. Take, for example, I-house.com which is the world’s first real estate blockchain cloud platform can provide digital asset transactions to users.
To see how the blockchain technology can change the real estate industry, we’ve outlined 5 of the ways it can impact this market for the better.
What the real estate industry lacks is transparency. A lot of information becomes confidential because of the presence of so many middlemen. With blockchain technology, peer to peer transactions become possible. All of the information becomes transparent and third parties are removed which leads to trust and efficiency.
With blockchain, you won’t need any middleman or title searches to secure a title transfer. Smart contracts can automatically check a transaction’s legitimacy and possibility. The blockchain-based database can prove a transaction’s authenticity without any third party verification. As a result, title transfers get faster. It might even result in real estate industries to become obsolete.
Transactions become more efficient than before. There won’t be any need for title insurance. Blockchains add transparency to the platform which can result in an understanding of ownership and title issues without the need for a lawyer. It helps decrease your expenses.
On another note, blockchain can help reduce costs for registry in countries that still use the notary system which is most cumbersome and expensive. It can also allow high-cost processing fee reduction.
Aside from cryptocurrency, blockchain permits for an online data storage that’s more secure. In the future, it can allow the storing of records such as title chains, plats, deeds, and surveys. It can even become a part of the multiple listing services. Several countries around the world have already launched projects on this.
Information is precious. Blockchain technology can become an information repository. As such, the risk to all parties that are involved with an organization that has useful information will diminish. You will be able to access data online and via mobile applications.
Around the world, blockchain technology, cryptocurrencies, smart contracts and Internet of Things are just some of the terms that get tossed around. But when executed, these can turn the world upside down. It can help us reduce frauds, make transactions transparent and change things for the better.