How Blockchain Technology is Transforming Real
Cryptocurrency is still the most exclusive & hot headline in the tech world; but,
there is little attention over the latest technology — Blockchain. There is a lot
being written about blockchains, bitcoin, and related technologies, and for many
real estate experts, this is part of an innovative, new, confusing world of
technology. As the online business world, the blockchain is an uprising in
technology that will touch all kind of people and all kind of businesses. So people
are paying more attention, but many still don’t know what the blockchain is.
So, what are the advantages of using blockchain?
Basically, when transferring money in a foreign account or another account, the
transaction would include an extra fee charged by your financial institution like
banks or other sectors. The party at the other end will receive it after the
complete online verification, which may take a few days.
But Blockchain is here to change the entire platform. It allows transferring assets
digitally without any requirement of a middle authority that verifies the
transactions. There is no need for the third party, which means faster & secure
transactions without extra commissions like additional charges.
And inside of no involvement of a third party or central authority, the whole
online transaction is permanently recorded on a public ledger, which means
things will be extremely transparent, accurate, fast and secured.
Blockchain technology: the next big thing in real
Blockchain technology has recently been accepted and used by the commercial
real estate (CRE) sectors. CRE professionals are finding that blockchain-based
smart contracts can play an important role in their industry. Blockchain
technology can potentially revamp core CRE processes like as property
transactions alike property purchase, sale, financing, leasing, and complete
Here are the ways Blockchain helps in building a
completely transparent real estate buying-selling
1. Reducing Fraud
One thing that the blockchain technology is bringing to the real estate business is
the best way of reducing off fraud, which has numerous advantages over the old
way of doing things.
Based on the decentralization of records, Blockchain is a public ledger system so
that it can keep your records as proof of ownership, proof exchange, proof of
transaction and proof of existence more securely and transparently so that no
one can erase it.
2. Technology of Transparency
Speaking of transparency…In a common real estate transaction, there are
numerous stakeholding members. There are the buyer and seller. There’s the real
estate registry. There are the mortgage people. There’s the real estate company.
And everyone got an advocate. But the advocates could possibly be ignored
altogether by the transparent trust and integrity of the blockchain. For the
additional stakeholders, this would mean lowered costs and boost-up
3. Simple to Secure Property Rights
Land and buildings registry, which means clearly explain “title” or “property
rights”, will become so simple to secure, thereby releasing up a lot of capital. With
the Blockchain technology – it can keep your all-digital asset data are so no one
can remove it.
4. More Stable Data at Lower Cost
When it comes to CRE property, agents, owners, tenants, buyers, and sellers rely
on MLS(Multiple Listing Service), which is approval-based and expensive. Because
the data are made available is dependent on what the agents want, there’s no set
standard for accuracy of information. But with its p2p, freely usable nature,
“blockchain-empowered Multiple listing service(MLS) market would likely have
access to more reliable & stable data at a lower cost.
5. Real-Time Accessible Database
Furthermore, the massive part of CRE processes and systems don’t overlap,
leaving information diffused and not revealed in real-time. But the blockchain
would provide a shared and open database expanding in real-time for all members
of the transaction. Enhanced decision-making efficiency for parties involved will
be the result.
How blockchain-based smart contracts could
revamp the commercial real estate?
Smart contracts can be used when buying or renting a property. Smart contracts
work in apartment leases in the following method: both parties conclude a
contract for a particular period of time; an amount or rent is placed into a
blockchain, after which the online transaction is considered successful, and the
renter receives the keys to the physical property. Some property owner links the
apartment lock to the Internet, and if the following payments are not made, it is
simply blocked. The deposit is returned to the leaseholder upon the integration of
the contract term or is transferred to the property owner’s account if non-
compliance with the lease conditions has been recorded.
How Pulsehyip can help the Commercial Real Estate
Pulsehyip is the leading blockchain development company in India. We provide
the services for multiple business industries to integrate the latest Blockchain
technology. Our tailor-made Blockchain-development solution that helps
business industries to comfort the involvement of business management and
reduce cost by eliminating the physical resources. We have successfully
developed the most secure and protected blockchain based decentralized
applications for your business all over the world.
Inquire Pulsehyip team for more reference / Get
free consultation @ Whatsapp - +91 97512 65651
/ Skype live:talktous_69