How Blockchain Disrupts Real Estate?
Cryptocurrencies, over the past few years, were hard to imagine!
But they have now made a robust impact on payments, transfers, and foreign exchange- thanks to the transformative force, Blockchain.
Although blockchain technology has significantly disrupted many financial sectors, it’s not easy to find any other that’s untouched.
And the real estate industry is not an exception!
Did you know?
Nearly 25 percent of land registration leads to errors, frauds, and misinformation!
From property purchasing to title management, blockchain technology has helping to transform different aspects of real estate. It operates through decentralized peer-to-peer platforms that protect against the spread of corrupted information and other frauds.
How Blockchain Technology Disrupts the Real Estate Industry?
Blockchain technology may address a list of potential challenges in the real estate industry and overcome them with ease. Let’s discuss them!
1. Facilitates Hassle-free Transactions: When it comes to making transactions, traditional real estate methods are still lacking accuracy, consuming significant time, and causing verification expenses. With the novel blockchain-based model, transactions can be streamlined to reduce cost and transfer quickly.
2. Enhanced Transparency: As blockchain is a decentralized platform, the stored information is accessible to all peers, thereby offering transparent data devoid of any unauthorized alterations.
3. Eliminates Middlemen: More intermediaries mean more costs and substantial consumption of both time and money. Blockchain tech cuts off the intermediaries from the process and saves a lot on commissions, fees, and time throughout the entire process.
4. Low Cost: From inspection costs and loans to taxes and registration fees, blockchain eliminates such unnecessary expenses by automating these processes while offering a decentralized ledger.
Areas of Real Estate Being Impacted by Blockchain
Here are several areas in real estate that can be benefitted from adopting blockchain.
- Evaluation of Financial Process
- Finding the Right Property
- Management of Property
- Payment Process and Finances
- Investment in Real Estate
Final Thoughts
There’s no denying that this emerging technology has the capability to disrupt a range of sectors, including real estate.
Anything that has the potential to improve transparency, enhance transactions, trim down the cost, and save time should be embraced by companies, irrespective of their sizes.
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