How blockchain is changing real estate industry ?

Understanding the real estate market and looking out for the latest real estate mobile app tech trends can bring awareness which will allow you to make informed decisions embarking thus on the journey of lasting business promotion and development. Technology is constantly evolving and making our lives easier and more efficient and in a similar manner, real estate tech has been shaped by changing market conditions and consumer behaviors. Over the last decade, technology has changed the face of the real estate industry while advanced tech innovations are shaping the future of every industry and the real estate sector is also getting influenced as technology has changed the entire way in which the brokers and agents operate.

Real estate is the very industry where blockchain technology can prosper and this is the technology driving cryptocurrencies like Ethereum, Litecoin, and Bitcoin. Essentially, it’s a public, digital ledger or database that records all transactions, without the need for a central verifying authority such as a bank while blockchain technology now allows transactions to be made securely, transparently and without a middleman. Also, blockchain saves money for renters or buyers as there is no middleman. ShelterZoom, Propify, and Brickblock are some of the most popular blockchain real estate agencies and many more are joining to make the process efficient and effective. No middleman means reduced legal and title-related costs and a faster settlement process and you can expect more and more real estate properties to be sold using blockchain technologies in 2020.

For a number of reasons, the use of cryptocurrencies in real estate was recognized to be beneficial but blockchain technology soon found its usage in the real estate industry. Since the end of 2017, the first properties have already been sold using blockchain technology and a number of blockchains real estate companies have emerged because each of the thousands of computers has its own copy of the transaction, the information is nearly impossible to hack. The process is completed by a network of thousands of computers scattered across the globe. This technology ensures transparent and safe transactions and eliminates the need for a mediator by maintaining a centralized database which acts as a fraud detector for realtors and following market trends in real estate, a number of blockchains real estate start-ups have emerged since then.

Traditionally, when you transfer money to an overseas account, your financial institution would charge you a fee to facilitate the transaction and it would then take a few days for verification and also, risk of fraud is likely to exist as long as real estate property agreements are in paper form for, they can be falsified by people then. However, with blockchain technology, you can transfer assets digitally without the need for a central verifying authority and Blockchain minimizes this risk while no middleman means smaller fees and faster transactions and so, such documents are impossible to alter once they are encrypted, so cryptography keeps them safe and impossible to forge.

Tedious paperwork is a distractor for buyers and tenants as is for property owners and agents, in a real estate context, this means reduced legal and title-related costs and speedier settlement processes. Cut this paperwork turning this process into a fairly straightforward transaction smart contracts are verified and time-stamped by means of the blockchain, not by notaries and furthermore, any transaction conducted is permanently and publicly recorded on the ledger, effectively increasing transparency, accuracy and security. With the blockchain, one can avoid paying extra for at least some services such as notaries, bankers, real estate brokers, and others who act as mediators. The blockchain can store all the relevant information on the property and the parties involved, classically, there are numerous intermediaries involved in closing real estate deals.

With the possibility of property transactions on the blockchain a confirmed reality, many blockchain real estate companies have sprung up to facilitate these transactions as trust is embedded in the technology for secured records are immutable since they are originally added and accessible in real-time.