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 the 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 is facing 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 quickly and efficiently 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 you buy a property where the ownership of the property is unclear. This is a kind of title fraud. 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 increase complexity and cost. And blockchain can cut the need of middlemen in the real estate process. As a result, buyers and sellers will save money, and it 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 when it comes to real estate. One of the main benefits of blockchain used in real estate is sharing secured databases.
Digital identity can help 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 when using a digital identity by having a system that allows them to automate processes and eliminate manual steps.
Digital record – The most important feature of the blockchain is to record every data digitaly . 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 record can speed up the market. Government revenue increses if goods and services move faster . And if the data is reachable through the globe then court cases must be decreses and lastly the court load will be decrese. And because of this people money will be saved and could be invest in some productive things and finnaly the government revenue must be incresed .
Go paperless – Going paperless basically means eliminating the use of paper documents. This usually involves trading those papers and receipts for digital files and receipts. For example, you might trade in all those tax papers for cloud-based accounting software. And this way, we can devote our gratitude towards our mother nature. And the whole world is concerned over the climate change, through which we can save the greenery and contribute to this process. And finnaly government have money to invest in development and through which there is a hope for real estate industry also.
Poverty gap – 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 offcourse you will devote your time and money on creative things whether it is related to your hobbies or somthing you love to do but you didn’t get enough time for. Same situation is happened with the government. Government has a lot of work pressure like pile of court cases, have to work on pollution because (i am talking specially about greenery), the whole planet concern about the polution and if we use blockchain as a digital recorder, digital identity, the paper industry’s load would be decrease and so the greenery must be increase. And then the government can shift there focus to pollution to poverty gap. some things happen automatically by just using blockchain and poverty gap is one of the side benefit. 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 that is building a decentralized platform for real estate that will be powered by the blockchain. This project aims to create a global community of property owners and investors that will be able to sell their properties in a transparent and secure manner. In conclusion, blockchain technology has many advantages for the real estate industry. It provides a trustless, transparent and safe way to record transactions, provides a digital identity for all parties involved in a transaction, 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.