With step in of Blockchain technology , it has transformed the way of doing business across all industries , and real state industry is one of those benefited industry who is using such innovative technology . Right from the beginning real state industry is booming industry . According to recent data almost 210,000 first are involved in residential brokerage and is generating the total revenue of $ 250 Billion .
Blockchain technology aids real state industry with speedy transaction in more transparent manner thereby increasing transparency and reducing the paper works . Earlier Real state industry were just referred as large corporate industries which is usually a combination of corporate houses and influential property owners .
A recent vital changes in the real state companies has been seen . Companies like RealtyShares have started accepting bitcoin as payment , facilitating speedy transaction and thereby reducing transaction charges . The very first step by this company have gained a eye catchy look for other real state companies and as per the prediction they will soon join this list also .
What to know what is Blockchain ? Read our article here .
In brief we can say Blockchain is peer to peer ledger system based in encrypted technology wherein transaction is carried out in chain or blocks without any interference of third party during the transaction , thereby always remain free from all sorts of controls and regulations .
Blockchain Eliminates Interference Of MiddleMen
Right from the beginning middlemen or intermediator always played a important role while finalising any deal in between buyer and real estate company . Usually in past there is no other alternative than contacting a broker in case you want to buy it invest in property .
However with the step in of blockchain technology , no middlemen is usually required – this necessarily means you actually don;t have to have any commission to brokers or so . This is because you will be dealing in Bitcoin or Ethereum for either buying or selling in the property .
Reduces Cost And Highly Secured
Yes you heard it right . Blockchain can actually saves your’s lots of bucks as it eliminates brokerage and commission . Secondly transaction in cryptocurrency is highly secured due to its chain to chain end technology and thus increases the trust factor while translating .
Reducing Forgery Cases In Real Estate Industry
When it comes to real state , forgery case if must – this is the common thing which we may have come across when debating about the real state industry . There are number of incidents in which people practise unethical practises to illegally grab the property by creating some fake document claim a false person the owner of the property , but in actual he is not .
But with the adoption of the Blockchain technology , all the buyers , sellers and property owners will have a full proof evidence of the transaction conducted and that to digitally without any hassle of paper documents .
Maintaining Transparency Through Smart Contracts
Only a bunch of people buy property without availing a loan or mortgage facility . All others necessarily avail loan facility for purchasing any kind of property . And those who have been faced this process knows that how cumbersome and hectic is the process of availing loan , and it also take a Long time just to sanction the loan .
Blockchain offers smart contracts that facilitates easing the whole process . But developing the smart contract is not a child’s job that any one of the developer can do . You will be needing a blockchain developer to perform this job effectively .
The smart contract develop digital ID for concerned property either as a buyer or seller which will be permanently stored in blockchain and can not be changed , deleted or tampered . It also helps in monitoring of the transnational process , thereby making the transfer of ownership process much simpler .
Ensure Reliable Voting
Blockchain technology also helps conducting of voting in apartments , building or complex in efficient and reliable manner . Voting make be required in case of any important decision making or in respect of getting response for the predefined infrastructure and more\\
The blockchain has not only influenced real state industry , but has also fueling up other industries also like financial industry
and more . Due to blockchain buyers and sellers life had become much easier than traditional methods of property investment .
The real state industry are slowly exploring more opportunities that Blockchain is offering and is thus thereby moving towards digital cryptocurrency transaction .