So, far we have discussed different industry and how blockchain technology development is transforming their processing. Today, we are talking about the Real Estate sector.
Blockchain being a distributed ledger system maintains a continuously growing data of transactions or blocks, where each block is connected to the previous block and cannot be changed or duplicated once it is added to the chain. It also doesn’t need any central authority to approve the activities.
Here are 5 opportunities that the researchers have found which will boost the processing of real estate sector:
1. Transparent and cheaper property title management:
A blockchain-based application for digital identity management of properties may include its history, location and title details. Buyers and banks can rely on this data of the property for title assessment, as any change would occur through a consensus across other blockchain nodes. Also, blockchain features will stop any fraudulent activities over the property data.
2. Better property search process:
Every real estate transactions go through Multiple Listing Service (MLS), which tracks all the agreements, contracts, clients and more. This listing will be more freely available. The market would be able to have more reliable data at a lower cost.
3. Cash Flow Management:
There is a complexity in controlling ongoing lease agreement, property operations and cash flow due to involvement and dependencies on landlords, tenant and property managers and other vendors. Here smart contractsdevelopment come into the scene which can make the agreement process easy, managing time and security.
4. Better Decision Making:
Blockchain technology processes offer the real-time view of the ongoing activities. This, in turn, helps the CRE companies and other participants to check the detail of any activity and help in better decision making.
5. Efficient processing of payments:
Payments and money transfers in real estate is an expensive affair. Be it the loan application, documentation or at servicing stages, this technology has the potential to reduce the cost of different payment processes. The smart contract is one of the processes to help out with this efficiently.
Different start-up and big real estate firms across the globe have started leveraging the power of blockchain technology. Well, the time will reveal more qualities and new ways of implementation in real estate too.
We develop blockchain applications to help different organization for accurate information processing and payment transactions. If you are looking to dive more into the process of this latest technology, get in touch with us, today!