Sunday, October 20, 2019

Weaving blockchain in real estate industry vanishes the stains of duplicate, fraudulent ownerships! Dig deeper!

Blockchain may be the technology that is underlying with cryptocurrency. But the splendid features of blockchain can revamp the entire world with a decentralized, transparent, trust-free community of sectors.  Enhancing blockchain in real estatesector can make the community of traders hassle-free!

Blockchain enables peer-to-peer transactions and community people verification, hence there are no third parties intervening in the network for any of the processes.  Blockchain enriched smart contracts are a real boon to the real estate eco-system. Let’s dig deeper into the concepts of smart contracts and their process!

What are smart contracts?

Smart contracts are a piece of computer protocol that performs a certain task on completion of specified conditions. Real estate has a transfer of ownership of properties through traditional paper agreements. Instead, the digitalized smart contracts can prevent fraudulent traders of duplicate properties. Frauds can happen in human inspections or intervention, but with completely digitalized,automated ownership transfer, the piece of code verifies the ownership reputation and property details, thereby avoiding fraudsters in the real estate community. 

You may wonder how are these smart contracts automated for transferring ownership of assets! Let me connect you with a real-time instance for the smart contract process!

How do smart contracts work?

The smart contract process can be compared with our favorite vending machines that deliver snacks at our hands. Just rewind back the things you would do in the vending machines for buying a snack!

You would put the coins into the socket provided in the machine and then select the snack of your choice with code displayed. Once the vending machine accepts your payment, the snack is transferred to you via the tunnel at the bottom. It may look simpler! But, did you ever thought some machine would vend you snacks without human intervention? 

It happened, right? Similarly, smart contracts are a self-executing protocol that transfers assets or the property of the seller to the buyer when money or equivalent currency is transferred. With smart contracts in the real estate sector, fraudulent traders can be banned. As the entire network has the accessibility to view the transaction of assets, if the property is not legitimate, nodes of the network will deny the transaction. Followed by dispute resolution action by the administrators of the real estate ecosystem would happen in the process!

Much smarter asset transactions to come on the way!

Sure, you’d have connected the smart contract processes to your daily life. Blockchain in real estate industry is a real boon for decentralized, trust-free trading of properties!

You’d remember smart contracts when you scan through the vending machines next time! If yes,drop us a line! 

Monday, October 14, 2019

This is what makes real estate more powerful in the future! Blockchain for real estate has arrived!

The real estate environ is entirely complex and people are striving to make it simple as much with the possible technologies. Blockchain for real estate is one such experiment that has gained lots of attraction among the people. 

Real estate has adopted many concepts from the blockchain technology like DApps, smart contract to leverage the features of technology and make the lives of people easier. Let’s explore how blockchain and real estate are twinned together to make a better real estate ecosystem!

What is blockchain? 
Blockchain is the distributed ledger of transactions that are recorded in chronological order. In the blockchain network, there is no third parties intervention even for verifying the transactions. Authorized nodes of the blockchain network verify and approve transactions across the network and get rewarded for their time and efforts. 

Blockchain is for real estate and is made from key concepts of the real estate process. Every transaction of the land or property is recorded in the government ledger with the details of transaction, ownership, timestamp and other mandates. Anybody can check the previous transactions of the land through Encumbrance Certificate(EC) in the current scenario and check the reputation of the seller, ownership of the property and much more. .

Now that you can agree with the fact that blockchain is born from real estate! Numerous blockchainsolutions for real estate has been discovered over the years, let’s peep through them!

Blockchain Solutions for Real Estate
Blockchain integration with the real estate sector has legitimated the existing process and paves the way for hassle-free asset transactions. As the property or asset transactions are decentralized and transparent, people can easily find out the fraudulent sellers, scams occurring in the real estate environment. 

Real estate has kick-started to adopt the basic features of blockchain technology. Here’s the checklist of technology that would rule the real estate world!

Smart Contracts
Smart contracts are self-executing computer protocols that perform a certain task automatically on satisfying the specified condition. Real estate can take up smart contracts technology and create a dispute free ecosystem.

Cryptocurrency Payments
Adopting crypto payments in the real estate industry can shatter the cross-border payment restrictions and processing time for bulk payments. 

Decentralized Application can provide legitimate information on ownership of assets, deals, mortgages and much more. DApp for real estate can help attain consultations and legal clearance of the assets with verified details of the property.

Deals are at your table!
By now, you could have gained the ins and outs of blockchain technology and their use cases for the real estate sector. First comes; wins first!

Be the earliest in the real estate sector to adopt blockchain technology! Let’s talk with a latte on live chat or Telegram!