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.
DApp
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!
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