Blockchain solutions for real estate sector- Brief look at the process areas that transform!

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!

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!