Blockchain Techonology as the Game-changer in Real Estate Industry
Blockchain disrupts financial amenities and the continuous widespread application across industries and businesses in the world. Cryptocurrencies made its way on payments, remittances, as well as foreign exchange. This technology has recently been adapted and implemented in the Real Estate Market.
Real Estate is one of the most imperative sectors in the economy from a global perspective, it has a massive influence on the livelihood of numerous people throughout the world. As blockchain paved its way through the industry of Real Estate, transacting high-value assets through digital networks has never been the norm, not until today. Real estate transactions are often steered offline involving face-to-face engagements with various entities. However, blockchain cleared the ways to turn this. The introduction of smart contracts in blockchain platforms allows assets like real estate to be tokenized and be traded like cryptocurrencies. In here, we will talk about the benefits and top-tier platforms that offers Blackchain Technology.
Here are some overview providing how beneficial Blockchain Technology in Commercial Real Estate:
Efficient and Low-costs
Currently, purchasing and selling real estate is a slow and expensive process and some changes cannot be easily revised. Through this technology, it can make the dealings more ably and economical by reducing the intermediaries: such as real estate agents, appraisers, and notaries. Negotiations facilitated on a blockchain can be made within minutes and the price only a fraction of its current cost.
The key characteristics of blockchain technology are immutable and decentralized. This nature can have a significantly positive impact on the transparency within combating the real estate market. Documents and dealings during the purchasing of assets can be smoothly tracked, the contracts become readable and registries cannot be accessed or changed afterward.
Tokenization is the securitization of digital assets. Through this, blockchain tokens are issued as a representation of real-world assets: like bonds, commodities, artworks, as well as real estate. Tokens are programmed to include ownership rights, terms and conditions, and transaction histories. Tokenization helps lessen the problem of illiquidity by integrating the tokens with high-volume liquidity through fractional ownership.
Check out these five Top-tier Blockchain Platforms that’s paving its way into the Real Estate Market this 2020:
Propy is an international estate marketplace with decentralized title registry. It focuses mainly on speeding up real estate processes across borders. Its platform allows the real estate consumers and sellers to surf and advertise properties in different part of the world using their native language, namely: San Francisco, New York, Beijing, Moscow, Dubai, Los Angeles, Miami and London. The clients can pay for the property using bitcoins.
Brickblock offers a one-step solution for potential property investors and also to those who seek funding for assets development projects. By using blockchain technology it tears down the barriers with international investment to create a competent global investor pool.
This platform is intended to integrate into commercial real estate websites. ShelterZoom’s Ethereum-based platform has a mobile app, dashboard and widget that gives a control to the buyers to view properties and contact the agent directly using a chat function. This platform has won plenty of awards, such as the SIIA CODie for Best Emerging Technology 2018 and Company of the Year – Blockchain by CIO Applications.
It is a Saas blockchain platform and API real estate record keeping. It allows the clients to input property information and record databases through a blockchain. It also enables parallel recording and tracing of a current inheritance document and a digitalized one.
Another blockchain platform is ManageGo, a rental blockchain project designed to assist property owners and managers with organizing workflows. It enables payment transactions, along with in-depth credit checks, it can also be used as a maintenance ticketing platform for tenants.
Blockchain technology can have a significant impact on solving numerous challenges in this field, as it has the feat to benefit enterprises and individuals in a number of ways. Through this technology, real estate transactions can be efficiently automated, accelerated, and easily traced, to shape into becoming more accessible.
Buildeee is offering an e-document sign-services to secure the contracts in blockchain, this is intended to offer a very efficient way to sign the documents without meeting face to face. A timely technology that Buildeee offers in this trying time.
Register your buildeee account now to learn more about our e-sign services!