Blockchain has a huge potential in the real estate industry, it can solve a few fundamental problems with it. How?
Let’s talk about the problems of real estates and the solutions for them with the help of the blockchain technology.
- Speeding up the process
In a word of unstable markets and the housing market is definitely an unstable market in the past years if you are a seller time is the most valuable thing for you. Why? Because knows how it will change? Will people willing to invest tomorrow? How will the prices change? Using blockchain would speed up the process by reducing the number of entities in the buying/selling process.
- Reducing the number of fraud
In the past, the customers of real estate companies used escrow and third-party verifications to reduce the chance of the possible fraud. But today thanks to the development of technology we have the opportunity to create an incorruptible, “digital ownership certificates” and store them on the blockchain, and this would significantly reduce the number of frauds.
- Total transparency
This is one of the main features of blockchain. This is a very important aspect, because it can improve and speed up the whole process of buying/selling real estates. For example the buyers credit history and income would be instantly there, what saves a lot of time, but you can also see all of the transactions of the company. Again, fraud reducing.
This technology will be implemented soon into to the real estate industry and it will have a huge impact on it, we will see that will it make this industry to rise.