Beyond cryptocurrency, Blockchain technology has many real-world applications and the real estate market is one of them. This technology offers real-time data with the opportunity for real estate marketers to secure financial transactions and capitalise on streamlining options for business.
In its simplest form, Blockchain is a distributed database that focuses on recording and combing transactions into a de-centralised, secure ledger system that creates a chain of chronological data that no one party can control. This offers great benefits for the real estate market.
But how will this fascinating new tech affect the industry heavyweight?
Transparency of Transactions
One of the largest costs associated with real estate transactions is the lack of transparency, however, with Blockchain, this can be minimised. Blockchain allows peer-to-peer transactions between landlords, tenants and third parties with no middlemen included ensuring that all info is recorded and stored in a fully transparent manner. This significantly reduces the chances of speculations and fraud.
Secure Online Data Storage
Another great advantage of Blockchain technology is that it ensures secure storage of online data. This could be used in the real estate market for storing all property records such as deeds, survey, title chain and plates and retrieved whenever necessary. Another advantage, the information once recorded on Blockchain is impossible to change or edit which reduces the risk of fraud and falsification of documents.
The next good thing about using Blockchain in real estate is that it eliminates the need for middlemen like banks, notary officers, brokers and agents which means no need to pay agents for their assistance in selling and finding a property, notary officers for their help in document validation and banks for transferring funds.
Streamline and Smooth Procedures
Since Blockchain eliminates the need for third-party service providers, there would be no need for title searches. Blockchain distributed database will prove the authenticity of the transaction and transferring of the title will be quick without the need for verification. This saves the valuable time and streamlines the process of buying, selling and renting while making it stress-free.
The above-mentioned are the effects of Blockchain technology on the real estate market, but that doesn’t limit the expectations an agent should have of Blockchain potential. One commonly overlooked valuable and significant impact is the additional investment opportunities offered by Blockchain. If you are in the real estate market and looking to grow your business then get in touch with One Stop Blockchain today by dialling 0172-4068 269.