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How Blockchain is going to have an impact in Real Estate

Some ways in which it could improve the current real Estate ecosystem

  1. Increase transparency

A typical property sale involves multiple stakeholders: a Buyer and a seller, their respective lawyers and estate agents. Currently agents play a significant role in this transaction by ensuring smooth process between various stakeholders happen and transaction goes through the different stages. However that need is largely because there’s bureaucracy in the system and there’s no clear visibility on the documentation existing for the process to go through.

The blockchain allows all transactions to happen without middle men and with all information recorded in a fully transparent manner

  1. Speed of execution

If all the documents are available transparently the need to search will vanish and verification of the authenticity of documents and transaction will not be required thereby increasing the speed of execution.

  1. Save on costs

With all data available to the buyer and seller at ease, the role of using lawyers and middle men will restrict thereby saving on the costs involved

  1. Security of data

Blockchain allows for secure online data storage which could be used in the future for storing of all property records, including deeds, plats, surveys, title chain, etc.

  1. Different Ownership models

Blockchain could open up newer models of ownerships like shared ownership helping first time buyers to purchase only part of property and proportionately earn rental incomes on the same. A blockchain-powered online ledger could overcome complications on multiple owners by securely and reliably tracking the size and value of individual stakes in the property in the same way as stock in companies is recorded on exchanges

Check this video on Blockchain in Real Estate 

This post first appeared on Budigere Cross: Location Analysis, please read the originial post: here

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How Blockchain is going to have an impact in Real Estate


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