A digitized revolution demands no clenched fists. One of the markets that has witnessed the complete turnover is the property market!
Blockchain has come up with the perfect solution for the real estate industry— to decentralize transactions. Buying and selling in blockchain are a million times secure, earning the potential to reduce costs for sellers, streamline transactions, and increase the much needed transparency lacking in the real estate industry.
What exactly is blockchain, though? Let's explore that.
The hard answer is that blockchain is decentralized ledger that records and stores transactions across a network. But let's simplify that. Imagine a digital book that self-writes with a permanent marker as soon as someone buys and sells. Interesting, right? We're not done.
As soon as an authorized user transacts, the exchange is authenticated and created into a block (yes, a block). The block is sent to every single computer node in the connected network, and validates it into a blockchain, where the name comes from. The ENTIRE network is then updated and finalized, permanently affixing it. And that means one thing— optimal security.
Now what is a block? It's a unit of data, a small molecule in the spectrum of transactions. Multiple blocks come together for a single asset, linking and chaining themselves to the previous transactions, creating a chain. The best part is that they are IMMUTABLE; one cannot be changed without manipulating the entire chain, which requires the permission of all the authorized users involved, making it in unbreakable transaction. Hence, transactions are 'decentralized'.
How does this all play out in the real estate market?
✅ Smart contracts: Automatically enforce agreements and reduce the need for manual intervention. For example, a smart contract can confirm that a lease agreement has been signed and that rent payments are made on time. Click here to learn more: https://lnkd.in/eNG43ve
✅ Tokenization: Allows investors to purchase fractional ownership of a property. For example, an investor could buy a token representing a share of a luxury apartment building. Interested to learn more? Click here: https://lnkd.in/eQiBDCCa
✅ Transparency: Every transaction is recorded on the blockchain, creating an auditable trail of ownership and transaction history.
✅ Reduced costs: Blockchain solutions can streamline property transactions, reducing the need for brokers and other third parties.
Standards have been spiking high, and security is the name of the game. There's a huge gap in accessibility of proper pricing data, realtors and buyers together demanding a highly efficient and structured form of transacting. But with blockchain and its immutable records, that can change.
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