Cryptocurrency is still the most exclusive & hot headline in the tech world; but, there is little attention over the latest technology — Blockchain. There is a lot being written about blockchains, bitcoin, and related technologies, and for many real estate experts, this is part of an innovative, new, confusing world of technology. As the online business world, the blockchain is an uprising in technology that will touch all kind of people and all kind of businesses. So people are paying more attention, but many still don’t know what the blockchain is.
The technology of blockchain can revamp several industries, including real estate, to turn the related processes and transactions more transparent, contemporary, and well-organized.
So, what are the advantages of using blockchain?
Basically, when transferring money in a foreign account or another account, the transaction would include an extra fee charged by your financial institution like banks or other sectors. The party at the other end will receive it after the complete online verification, which may take a few days.
But Blockchain is here to change the entire platform. It allows transferring assets digitally without any requirement of a middle authority that verifies the transactions. There is no need for the third party, which means faster & secure transactions without extra commissions like additional charges.
And inside of no involvement of a third party or central authority, the whole online transaction is permanently recorded on a public ledger, which means things will be extremely transparent, accurate, fast and secured.
Also, using the blockchain technology in real estate background will reduce legal and title based costs, as well as quicken settlement processes.
Blockchain technology: the next big thing in real estate Industry
Blockchain technology has recently been accepted and used by the commercial real estate (CRE) sectors. CRE professionals are finding that blockchain-based smart contracts can play an important role in their industry. Blockchain technology can potentially revamp core CRE processes like as property transactions alike property purchase, sale, financing, leasing, and complete management transactions.