What is Blockchain and What can be its Role in the Real Estate Industry?
When we talk about buying or investing in real estate, somehow at the back of our minds, we think that it’s either expensive or if the price of an advertisement is cheaper than the usual then it’s a scam or too good to be true while others think it as a burdensome feat so they abandon the idea ultimately.
While investing in real estate is indeed costly and yes there are scammers lurking around, it does not really mean that real estate investing is not for all. In this era where everything is already available in the Internet comes a new breed of innovation that has been circulating in the world wide web for quite some time now — the BLOCKCHAIN technology. This might be the first time you have read about that word and that technology, but this will definitely help all of us who are reluctant to jump into the world of real estate.
So, what is blockchain and what is its role in the real estate industry?
Blockchain is considered to be a revolution in the digital technology because its principles reverses the norms of how we protect and secure our data as it is being shared or transferred. It is described in wikipedia as a growing list of records. These records are called blocks which is linked with the art of hiding confidential information, timestamping and transactions.
Although there are many features and benefits from the blockchain, the C Estates majorly uses the following blockchain principles:
Irreversibility of Records — all the activities are recorded in the database every time a transaction is confirmed and these can never be altered. What is done, is done. Each timestamp, who executed the transaction, where is the data being transferred, how much and who are involved and etc are being recorded permanently. Everything that happens in the blockchain is chronologically recorded and resistant to modification. And because data are unchanged, footprints and traces of activities can easily be audited. Thus, data breach can be detected easily as actions can be identified quickly.
Decentralization — This principle has brought fuzz to many companies, especially those that have been investing 24/7 in maintaining a central hub to secure confidentiality of data. In the blockchain, network of participants has the liberty to access a record and each participant has the authority to validate transactions. Decision making are being spread-out to the members. This makes the movement of transactions much faster since validation does not need to pass through a single decision maker.
Transparency — In the blockchain everything that needs to be identified has a unique identifier concealed in cryptography. So since everything is recorded, this principle eliminates the question on integrity or credibility.
Peer-to-Peer Transaction — Communication occurs directly between peers and whatever data is being transacted, each of them stores the same equal information of the data in their nodes (a basic unit of a data structure). Since hosting is no longer required, peer to peer transaction makes it less hassle and cost effective.
Computational Logic — All the systems that are interconnected with the blockchain is a multitude of computer programming languages, functions and rules. Algorithms are intricately set in place not just to protect a single entity or executed actions but also allows to automatically respond on the activities in the chain.
C Estates Inc uses these technological principles of blockchain in order to create an online complementing ecosystem that will provide everyone a tool to buy, sell, rent and even invest on real estate properties with less hassle, cost effective and earnings can soon become real time.
Signup to C Estates and become one of our very first blockchain-based real estate platform users where you can use all the essential tools in doing real estate business online!
