Blockchain Use Case: Real Estate
Blockchain Use Case: Real Estate
Blockchain real estate is coming sooner
Blockchain real estate of transactions,transactions and marketplace can change rapidly when they think about the property.However there are huge opportunities to secure blockchain in real estate data.Land propert listing,leases,and mortogages, and governement profit are some more benefits for blockchain real estate revolution.
The challenge of course is that real estate industry with many payers including lenders, brokers, local governements, and belonging to citizens.If there is any idea to change to blockchain based real estate it is not that much easy as flipping a switch.They said that various parties are experimenting with blockchain all along the real estate chain to find out the ways to intergrate some new technology.
Land records are the foundation of blockchain real estate. Titles and deed make it clear and who owns what property.The power which they care and everyting happens in real estate only.However they are the cause to break into fragments.Each local individual system of law courts has its own property records.Sometimes the court laws are not even avaiable on online also.
Once we have a listed property records listed and secured on the blockchain it automatically opens a lot of doors. Now that records are easy to change by hands. we can use use smartcontract to manage and trade those records very well.
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Right now if you to sell the property you better go with local real estate agent. But it is sure that you can list that your property is for sale by owner.But you dont have to access for mutiple for listing as real estate agents will do when they have a new buyer.
However the cause for break into fragements, to separate the walls and it is difficult to understand.Transferring listing to blockchain realestate it means opening up all accessibility to all available property for everyone and you can add terms and conditions its your wish for a successful sale of your property.
Smart contract Property management:
One of the most exiting and very important application of blockchain realestate is smart contract management. For suppose if you want transaction it requires lot of paperwork and communication between banks and brokers, sellers,buyers and local governement. It is possible to imagine that where the world can handle that budget.
Not only that but if it is possible to handle rental agreements, commercial real estate teenacy and other ongoing types of real estate transactions. Smart contracts can also help brokers automate due to dillenge on perfect buyers.
Crowd ownership and Investing:
Another exciting idea and very important in blockchain real estate is crowd ownership property.With blockchain governement rules, a grouple can come together to buy the property and vote on that property and plan what to do with that property.People actually share a property so that they can sell that property anytime.
What Happens to Realtors and Brokers:
THe real estate industry is very slow to change,and there will be no diffrent with blockchain real estate transactions. The truth is lenders,insures and other parties make a lot of money off for any ineffienicies and challenging of navigating in current system.
But there will be always a role for brokers and realtors in a real estate. Even with real estate , people want to see the houses or offices for what they are purchasing.They are still need to help of an expert in the field such a large transactions and make sure of physical assests that they are purchasing good in shape.
Benefits of Blockchain Technology for real estate industry:
- Increased transpareny in all records
- No third parties and therefore reduces cost
- Automated payements for property investors
- prevention of fraud
- Smart contracts
Many trends in real estates are changing at the same time.Housing prices in cities are skyrocketing. Homeownership among young people is down. Brick and mortar retail is facing a threat from online shopping.