Blockchain can revolutionize Banking and Real estate industries.
You’ve probably heard about blockchain technology through cryptocurrency, but did you know that blockchain technology is expected to revolutionize industries like real estate and banking?
Blockchain is one of the most revolutionary technologies of the last few decades. And it is only getting started. Blockchain is one of the most disruptive technologies in recent times. It seems it is set to disrupt and revolutionize many industries in the next few years.
If the future is truly decentralized, then the blockchain will undoubtedly be at the heart of this future. In the end, the concept and ideas of decentralization were born thanks to the advent of the blockchain.
Banking
Banking (and financial services) is perhaps the priority when it comes to the use of blockchain in established industries. Such concepts as commissions, time spent, bureaucracy, fraud, etc. are traditionally associated with the banking industry. And the blockchain proposes to eliminate these stereotypes.
Fee for transfers, fees for international transactions, exchange rates and the time required for the money to appear on the account of the counterparty are just some of the obstacles that end users do not like. Cryptocurrencies such as Bitcoin are able to eliminate central control in such cases. Thanks to Bitcoin or any other currency of the “decentralized registry for payments”, you can transfer millions of dollars anywhere with a minimum commission and very quickly.
For example, Ashton Kutcher made an instant transaction of almost $ 4 million using Ripple on the air. Other significant parts of the banking industry, such as clearing and settlement, loans and borrowings, trade finance, etc.can also benefit from the use of blockchain.
Real estate
Real estate is probably the most noteworthy asset class that can revolutionize blockchain.
With the help of the blockchain, one can overcome the traditional obstacles in real estate, such as accessibility only for people with high incomes, lack of transparency, lack of liquidity, commissions of realtors and banks, speed of transactions, fraud, etc.
Blockchain is a decentralized and secure sequence of immutable records with timestamps. This means that if someone puts up for sale their proven property, then anyone can find out the details about the owner, that is, fraud is impossible.
Smart contracts eliminate intermediaries such as banks, lawyers, and realtors. And this means a reduction in costs of 3–5%. In addition, the use of blockchain is also accompanied by banking benefits, such as speed and unlimited transactions.
Another advantage of the blockchain for both parties is tokenization. A low-income buyer can own a share in real estate, which means that the seller will receive cash immediately, without waiting for someone to buy the whole property.
Blockchain technologies are poised to transform the real estate industry by drastically reducing fraud, reducing paper waste, minimizing mistakes, increasing transparency, aggregating information, allowing for better and more integrated records of title chain and creating eye-watering profits for the companies that can implement this blockchain metamorphosis.
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