Real estate is traditionally an illiquid market, with property ownership passing from generation to generation through a series of contracts and deeds. Real estate deals with immovable property of this nature consisting of land and buildings on it, along with natural resources such as crops, minerals, or water. But nowadays, the industry faces issues like not having enough listings, having a pile of paperwork, calculating taxes and other deductibles, and many others. And blockchains can be the tool of choice to resolve these issues.
Blockchain technology can help streamline this process, enabling more quick and more efficient transactions. It also allows people to verify the authenticity of their data, making transactions more secure.
Reduction of fraud
Imagine you will buy a property and buy a property where the ownership of the property is unclear. This is a kind of title fraud. You are selling the same unit to multiple buyers: blockchain stores all property and owner information and legal documents in a single database. There’s no room for fraudulent activities.
Elimination of intermediaries
Real estate buying and selling involve many intermediaries, such as brokers, banks, and lawyers. This increases complexity and cost. And blockchain can cut the need for intermediaries in the real estate process. As a result, buyers and sellers will save money, which is a win-win situation for both.
Lack of transparency and slow operations
One of the common problems of real estate is the lack of transparency between the contractors, which causes corruption, fraud, and money laundering and prevents industry growth. Blockchain allows building a platform for all parties for a secure, transparent, and faster communication, automation, tokenization, and access to real-time information, all of which are highly valued in real estate. One main benefit of blockchain in real estate is sharing secured databases.
Digital record – The most important feature of the blockchain is to record every data digitally. Blockchain is used to create and store a cryptographic hash that serves as a data reference check against a record, its workflow, and signatures. And easiness of digital paper can speed up the market. Government revenue increases if goods and services move faster. And because of this, people and money will be saved and could be invested in some productive things, and finally, the government revenue must be increased. And if the data is reachable through the globe, then court cases must be decreased, and the court load will be reduced.
This helps businesses to be more efficient and save money. A digital identity can be used to create a unique online identity for each party involved in a transaction. It can also be used to keep track of transactions and ensure they are handling them properly. Companies can be more efficient using a digital identity by having a system that allows them to automate processes and eliminate manual steps.
Going paperless means eliminating the use of paper documents. This usually involves trading those papers and receipts for digital files and receipts. For example, you might change all those tax papers to cloud-based accounting software. And this way, we can devote our gratitude toward mother nature. The whole world is concerned over climate change, through which we can save greenery and contribute to this process. And finally, the government has money to invest in development and through which there is hope for the real estate industry also.
Blockchain can be a tool to reduce the poverty gap. For example, just think if you have enough money to spend and peace of mind to think creatively, then, of course, you will devote your time and money to creative things, whether related to your hobbies or something you love to do, but you didn’t get enough time for. The same situation happened with the government.
Government has a lot of work pressure, like a pile of court cases, have to work on pollution because (i am talking especially about greenery) the whole planet is concerned about corruption, and if we use blockchain as a digital recorder, digital identity, the paper industry’s load would be decreased, and so the greenery must be increased. And then, the government can shift its focus from pollution to the poverty gap. Some things happen automatically using blockchain, and the poverty gap is disbenefits. In short, blockchain can be a magic box.
Cyberium blockchain technology can nurture the real estate business for a better future:
Cyberium is a new project building a decentralized platform for real estate powered by the blockchain. This project aims to create a global community of property owners and investors. This will sell their properties transparently and securely. In conclusion, blockchain technology has many advantages for the real estate industry. It provides a trustless, transparent and safe way to record transactions. This provides a digital identity for all parties involved in a trade and even offers a decentralized escrow service. In addition, the Cyberium blockchain is a highly scalable, low-cost, and fast public blockchain platform. It provides the ability to create and deploy custom tokens and support the creation of smart contracts.
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