How will the blockchain influence on the property?
Blockchain is a single database without the centralized control that consists of information packages (chains of blocks). Copies of information kept in it are available for all participants of this system. Each of them can introduce changes in the base using the private key, but the participants of the chain are not identified, only the operations can be seen.
Blockchain technologies will be actual for almost all real estate activities, including money transfers, property registration and conclusion of contracts.
Even now the property purchase for cryptocurrency became real. For example, the first high-priced bitcoin transactions based on blockchain were made in 2014.
It is expected very soon that the blockchain will be used not only for transaction payment in cryptocurrency, but for fiat money transfer.
The information about real estate objects, transactions, property registration, charging and object states will be registered in distributed ledgers. The access to them will be able to get both from PC and mobile applications. The tryout versions of this system were already started in several countries.
Usage of blockchain technology will simplify and speed up the valuation of real estate. Soon the portals and MLS bases will appear, where the objects will be accompanied by blockchain passports.
Smartcontracts are the transactions and other contracts concluded fully in digitized form, and the fulfillment (for example stipulation of conditions and regulation of property rent in AvailCom service) is provided by computer records without human input. They also check the restrictions automatically and will not allow the establishment of a contract in case of malpractice from somebody of participants.
The blockchain will get the smartcontracts to speed, especially as to fidelity and security. The transactions on purchase, sale and rent of immovable property will be able to realize through such contracts. In 2016 British consulting company in consort with Rotterdam administration and Cambridge center of innovations started a tentative draft on rental business registration with the help of blockchain.
Residents of tenement houses often come to decisions about general household (for example full repair or planning the outdoor space) by voting of flat owners. Due to blockchain the voting can be distal, and each participant will make sure that his voice was counted correctly. Blockchains will be also actual in other cases when the decisions on AvailCom platform will be issued on the base of voting, for example, the arbitrage system of the platform in disputable situations.
Due to blockchain and other distributed ledger technologies the real estate activities will become easier, faster and cheaper, the market will get rid of supernumerary agents, become more transparent and secure, which means more realizable.
Time spent on transactions on the real estate market will shorten significantly. The filling-out will take hours or even minutes instead of weeks and months. Cross-border transfers and conversion of resources will become not only quicker but also cheaper; the cost of technical work for transfer of ownership will also decline. The closure of deals will come down in value: for example, the services of notary and agencies that register the transactions will be not necessary anymore.
Speaking about security, blockchain is also in the black. To fake the existing entry in chain of blocks, you need to hack each of the computers where its copy is kept, and their number can be enormous: for example, user count of blockchain accounts for several millions. The entry can’t be deleted, data is impossible to be integrated with hindsight, which significantly restricts the opportunities for fraud and abuse.
The counterparts receive the adjustable accept to the full chain of transactional documents and can assure themselves inexactness and identity of each document. From there, blockchain will improve transparency of deals, and property rent will become more attractive for investments.
Blockchain technology just began to develop and sign in to the social life. AvailCom project strives to create a really convenient platform that will simplify the process of property rent all over the world!
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