How will Blockchain play a role in Real Estate

Blockchain is going to change the way we do business and real estate is on of the many industries that will see great use of it. The biggest problem Blockchain will help in solving is transparency. All the data necessary for transaction like area of the property, price, taxes, etc. will be stored in the database and will be accessible to all parties involved. The entire transaction history of the property will be available to everyone along with the property papers, which can be scrutinised before finalising the deal. This will reduce the role of middlemen and technology will take priority within the        market place.

Due to a transparent system people can track down history of the property, past owners, issues, etc due to which the risk of fraud will become less. Lot of money and resources are spent in verifying property details, due to Blockchain this will be streamlined at click of a button. Thus it will be easier and safer to buy and sell properties.

Besides with Blockchain it will be possible to have smart contracts. Using smart contracts based on Blockchain, assets exchange could follow specific instructions encoded as part of transaction to be executed automatically once agreed criteria have been met. All the computers of the participants in the network validate every transaction.

Blockchain will make real estate much more efficient, easier and safer but it will not happen overnight. We will require some innovative and forward thinking real estate firms along with the government to lead the way.

 

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