How Can Blockchain Transform The Real Estate Sector?
Blockchain technology has recently been adopted for residential and commercial real estate on the whole. Real estate experts find that blockchain-based smart contracts can play a much more significant role in their industry. Blockchain technology can potentially transform core operations such as property transactions like purchases, sales, financing, leasing, and management transactions. The tokenization of properties is the primary benefit of blockchain in real estate, where real-world assets are tokenized and made available to a global pool of investors for fundraising.
Communal Ledger
Blockchain could accelerate real estate processes by paving the way for ‘shared databases’ that would be secure & tamper-proof, and they can group information from owners, brokers, and agencies.
Multiple Entity Access
All the network participants, such as owners, brokers, tenants, lenders, investors, and agencies, can access, transact, and manage real estate properties seamlessly in a blockchain-based real estate application.
Increased Trust
Blockchain can help accelerate due diligence by implementing digital identity validation and more transparent record-keeping systems for real estate land deeds, titles, agreements, claims, financing, and tenancy.
No Mediators
Blockchain provides increased security & transparency in land title management. The utilization of smart contracts automates the land registry processes and eliminates the involvement of intermediaries.
Crypto Transactions
Adopting crypto payments and payment gateways can help settle the transactions much faster, be it local or international. Also, the crypto mode of payments would be streamlined, cost-effective, and secure.
Digital Identity
Blockchain-based digital identities are acquired through KYC and AML verification procedures. They assist in streamlining background checks, reducing fraud identities, and increasing security.
