Blockchain has a wide range of uses. In recent years, blockchain has been used in a number of industries. There is one industry where it has many uses – real estates.
Let’s see how the world of real estate would change with the introduction of blockchain.
No more third party
If you have ever bought a property, or arranged a tenancy, or were looking for a tenant, you know the crazy circle of signatures, contracts, various third parties, real estate agents, etc. If a blockchain were inserted into these operations, all of these third parties would completely disappear. At the same time, it would increase security and save money for the commissions of these third parties.
Speeding up and simplifying administration
Contracts would be digital and, most importantly, processed in real time. Due to the nature of the blockchain, both parties would have access to all of the necessary information and this would speed up and streamline the overall process of handing over the property.
Fast transfers and the end of a long wait
The transfer from one property owner to another can be time consuming. And when an error occurs, that needs to be fixed first, waiting time is even longer. Blockchain was built precisely for these problems.
Currently, real estate agents have the opportunity to make lucrative offers visible in the first places in the search. The data may be fragmented and the owner may not be able to find their buyer. Thanks to blockchain, this problem would disappear. It would locate offers accurately and clearly and with all the necessary parameters.
If the property could be tokenized, it would be a huge step forward. Real estate tokenization is a relatively young concept and involves the need for a digital token that would be invariably recorded on a blockchain. Tokenization means ownership’s unmistakable right. Market liquidity would be improved.
Blockchain would be able to completely eliminate some of the problems of today’s real estate market and speed it up at the same. It would make it more efficient and simple. The idea that you decide to buy a house and within half an hour you will be its owner is tempting, or not?