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BitCherryGlobal

BitCherry Smart Contracts With Real Estate: Today and Future

Very little has changed the last couple of decades when it comes to real estate practices. Buying and selling a home today is much like what it was fifty years ago. It’s more or less the same process as when our grandparents’ generations purchased and sold homes.

MARKET STATISTICS
In data from Sweden, Only 6 percent (Fastighetsbyrån, 2015) of the participants in a survey claimed to have high confidence in real estate agents. Only 4 out of 10 (SKI, 2017) say that they trust their agent. As little as 16% would recommend their agent to friends and relatives.

The real estate agent is one of the occupations with the lowest trust scores. The feeling that they’re only working in their own interest prevails. One comes to think of the cliche of the shady used car dealer. The kind of experience that you only want to forget once the dealing and wheeling is over.

THE RISE OF NEW TECHNOLOGY
Every time a dramatic change happens in technology, new types of applications emerge. This is a phenomenon repeatedly seen in software. For example, smartphones put mobile computers with built-in sensors in peoples’ hands.

Hardware like GPS and great cameras changed the playing field. Apps like Instagram, Snapchat, and Uber/Lyft all leveraged from these unique capabilities. These are apps that would never have taken off on desktop computers. The unique capabilities of a new platform created, over time, a foundation for change.

REAL ESTATE TRANSACTIONS TODAY
Buying and selling a home is a process that involves many stakeholders. When it was designed, this system probably was effective. But it has, over time, developed skewed and misaligned incentives. Sellers and buyers stress over reasons like divorce, double housing costs, and just having somewhere to live.

BLOCKCHAIN, THE ROAD TO SMART CONTRACTS
A smart contract is a concept that lets you set up agreements and the rules that govern transactions. Not only can you decide what amount goes from one stakeholder to another.

You can also set up the conditions for when and how to transfer the money. An example of such a situation in real estate is the down-payment. The down-payment is one condition, in a chain of events, that the buyer needs to fulfill.

With smart contracts, there is a neutral central coordinator. This is a system that people cannot manipulate. In it, all interactions and conditions are transparently shared.

For instance, all parties would know the instant the buyer completes the down-payment. The smart contract furthermore regulates what happens if things fall through. Should something down the line go wrong, e.g., an inspection, the system returns the money.

BITCHERRY TECHNICAL INNOVATION https://www.bitcherry.io/learmore
Building a ‘P2Plus’ Encryption Protocol with a new thinking of innovative physical layer, BitCherry provides the operational mechanism such as smart contract & cross-chain consensus to achieve highly scalable data architecture by hash map which is improved by the relationship atlas. This blockchain infrastructure greatly reduces development costs.

In the future, as this system evolves, we might not even need the real estate agent. At least not for the transaction. Below is a possible future scenario where sellers and buyers can facilitate the home transfer on their own.

▶ Increases trust — Reduces real estate broker dependency

▶ Improves efficiency — Speeds up transfers of homes

▶ Reduces cost — Reduces cost for buyers and sellers

ABOUT BITCHERRY
BitCherry services involve supply chain finance, asset digitalization, commercial consumption, e-commerce, distributed cloud computing, and many other fields. In the Future, BitCherry will continue to use the underlying technology advantages, improve cross-industry blockchain solutions and create a new form of joint development of the industry.

Transferring a home will go from weeks to minutes. In the best case, even seconds, if everybody has already fulfilled their parts and are ready to sign. Due to the trust protocol, parties need not meet face to face to sign documents.

The contract is, in essence, a computer program. It comes with all the rules, the stakeholders need to fulfill. These are the obligations to move the deal forward.

When all conditions are met, the transaction completes. All automated. No lawyers, paper contracts or amendments. Above all, each transfer needs no upfront work. It’s 100% reuse with no waste. Once the system is in place, it works over and over again.

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