Let’s spot the use-cases of smart contracts in the blockchain real estate sector!
Real estate is a delightful investment option for everyone. However, some people regret investing in the properties due to the cumbersome process and fraudulent activities in this sector. As there are multiple centralized brokerage platforms to list, buy, or sell properties, resulting in the scattering of information, lack of legitimacy, transparency, and accuracy. Albeit the growth of online real estate brokerage platforms, the consumers suffer a lot due to fraudulent activities, duplications of properties, intermediaries, central authorities, lack of customer support, charging for unavailable services, and much more stands on this long queue.
Badly, the real estate sector needs a disruption with top-notch technology like blockchain. Decentralized information, transparency in processes & property values, legitimacy, verified properties & transactions, immutable smart contracts can be the best out of blockchain real estate solutions!
In this blog post, let’s spot the use-cases of smart contracts in the real estate sector!
Use-cases of smart contracts in the real estate sector
Devoid of intermediaries & disputes
Blockchain real estate solutions can completely take off brokers, mediators, lawyers, notaries, and other intermediaries from the property transaction process. This feature of cutting out the intermediaries can save huge transaction costs for the entire community. Smart contract agreements are committed to the0 blockchain network once the peers involved in the transaction signs off legally and become immutable. If there is a change to be made in the smart contract agreement, both buyer and seller involved in the transaction must verify and sign the contract again; thereby, avoiding disputes.
Quick processing & due diligence
The current real estate process is cumbersome and tiring. As the central authorities verify and approve the transaction, the narrow down processing takes ample time in committing the real estate transaction. Blockchain real estate solutions can pave the way for P2P transactions and signing off the verified properties through smart contracts. The smart contracts are automated and can be customized to transact only the verified properties with accurate ownership. These smart contract features can enhance the real estate process in the aspects of transactions and verify the property’s due diligence.
Affordable
The real estate system does not allow every individual to invest in properties as they have threshold limits. On the contrary, blockchain real estate solutions can enhance the investment options on properties through tokenization. Even the highly valuable properties can be divided into portions and can be issued as tokens for the average investor in the blockchain real estate market.
Highly secure
In the blockchain real estate applications, the smart contracts can be designed to perform transactions only with verified properties. In these applications, the property information is decentralized, and the peers can verify the diligence of property in the transparent network. With blockchain architecture, smart contracts are immutable, and hence, there is no chance of fraudulent intervention in the transaction agreements.
Ergonomic
The bunch of papers and loads of transaction documents, certifications are the bundles we could see in real estate transactions. In the blockchain real estate applications, the trading peers need not carry a whole file or bundles of documents to complete the transaction or transfer the ownership. Just some clicks on a mobile app can help the peers access the smart contracts of the property transaction. Moreover, blockchain real estate solutions open the doors to pay through crypto coins, helping people with global investment options!
Final Standpoint!
Undoubtedly, blockchain will hit our lives in all the way as the Internet does! It takes ample time to innovate the perfect solutions in every industry. So, let’s wait for blockchain real estate solutions too!
