The real estate sector
is an undeniable investment option for every human. Either we buy, sell, or
rent properties for a proper sheltering lifestyle. The real estate industry is
piled up with scams by third-party interventions in property listing,
evaluation, payment, and other processes. Enforcing the eminent distributed
technology like blockchain for real estate processes can make people and federations more transparent and
comfortable!
In this blog post, let’s
have a brief discussion on the process areas which would be enriched by enforcing
blockchain solutions!
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Blockchain in real estate |
Real estate process areas that
would be enriched with blockchain solutions
Property Search
In the current scenario
of the real estate sector, tenants, buyers, sellers, brokers, owners post their
property search requirements on listing channels. The listing channels do not
have proper verification processes to scan through the properties. Moreover,
the listing platforms incur handsome of charges to post properties in premium
versions. Despite paid posts, the peers end up in inaccurate, unbuilt
properties.
Blockchain-based real
estate applications can verify and approve legitimate properties through miner
nodes based on a consensus mechanism. Distributed property data across the
blockchain platform can enhance P2P transactions, thereby reducing brokerages
and finding appropriate assets.
Digitalization and diligence
People take up the
tedious process of verifying property documents before purchasing or selling an
asset. A complete verification process of an asset includes clearance from
financial, legal, and civic sections. The real estate sector relies on paper
documentation, which is vulnerable to modifications and scams.
The blockchain solution for real estate sector can digitalize
the property documentation with immutable and accessible features. The
blockchain real estate platform can help people access the asset documentation
from the trusted resources, thereby reducing the efforts on the diligence
process.
Legitimate payments and taxation
Real estate
intermediaries can mess up the entire process of payment with higher
transaction fees on specific assets. Mortgages, payments, and taxation for
properties have no proper limits based on the federation norms.
Blockchain
implementation in the real estate process can streamline the payment
processing, and hence government can reap estimated tax payments on property
transfers. Scams on tax payments, higher profit rates on assets, and illegal
transactions can be banged entirely with blockchain-powered real estate
solutions.
Final verdict
People may not believe
in a blockchain platform and its impact on sectors as of now. But, for sure,
the world will experience the enforcement of blockchain technology in every
sector soon as the internet.
Federations have stepped
into the experiments of implementing the solutions of blockchain in real estate sector in small-scale. Soon, the
blockchain experiments may hit our real-life property transfers!