Patrick Iturra, Asset Manager at Estate Investments Group January, 2023
Over the years, Blockchain has gained much popularity, and you might see people interested in blockchain-related products such as smart contracts, cryptocurrencies, and other things.
Blockchain has been making our lives easier, and this is the reason why we see Blockchain being implemented across different industries. The real estate industry is no different, and blockchain technology will positively change the real estate market.
In the following article, I will specify how Blockchain will revolutionize the real estate market for good.
To get complete information, make sure to read through the full article.
How Blockchain is changing the Real Estate market in 2023
Blockchain is a decentralized and distributed ledger that is accessible publicly. Here, the information is organized in blocks, which are successively chained via algorithms. For every data entry, a new block is added to the Blockchain that keeps track of all the transactions.
Due to this system, the integrity of the blocks is maintained, and you can keep track of all the changes on the Blockchain. Also, the data and transactions cannot be changed as the blocks are spread through the network, and the users verify the data on the blocks.
This is how the Blockchain works; now, let us look into the practical use cases of Blockchain in the real estate market in 2023.
Practical Use Cases of Blockchain in the Real Estate Market
Verification of a property:
Once you have identified the right real estate property for yourself, you must do your due diligence, i.e., the property verification. One of the biggest problems with finding the right real estate is that people cannot verify all the documents and do background verification of the property. There are many cases where new home buyers have faced problems regarding tax filing not done by the previous owner & many other issues.
With the help of Blockchain, you can access all the information related to a specific real estate property. Also, this will help the seller to ensure that the property has been transferred to the buyer’s name.
In the existing system, most documents are stored in physical form, and the entire process of getting a copy and reviewing them is cumbersome. But, with blockchain technology, you can instantly access all the documents over the block blockchain, confident that you are buying the right real estate.
On a blockchain-based platform, you can verify all essential documents such as tenant profiles, ownership records, loans, insurance, or any other specific document required by you.
Also, if you plan to sell real estate, you can easily show your ownership documents over the blockchain and Blockchainselling process smoothly.
This will interest you: Invest in Real Estate in the Metaverse
Smart Contracts for Real estate
Smart Contracts are digital contracts that take place on a public blockchain network. One thing that a lot of finds difficult with blockchain technology in real estate is that information is accessible to everyone who is a part of that blockchain network.
Sellers should create contracts for buyers and tenants to ensure their contract terms are followed. This is where the smart contracts come in; these are encrypted programs backed by blockchain technology. The terms and conditions are predefined in the smart contract, and this contract continues as long as the terms/conditions are met.
Smart contracts are an efficient mode of real estate transaction that saves both time and effort. Currently, different intermediaries are involved in buying/selling/renting real estate, and smart contracts help you eliminate the middleman from the process. Also, this removes the time required to create these contracts and makes the selling process go smoothly.
Blockchain will add tokenization to real estate, which can introduce more liquidity to the system. This will help us to resolve the inconsistency and fast settlement rates and allow the sellers to trade their property smoothly.
The real estate property will be divided into tokens, and the sellers will be able to sell parts of their property in terms of tokens.
Blockchain is going to be a revolutionary technology that is going to change the way how real estate works, and this is for good.
Buying and selling real estate property will become easier and simpler to trade and sell.
All you have to do is to pick the right real estate property, and I am here to help you with this. Over the past 24+ years, I have been a strategic investment advisor; I have helped my clients build long-term wealth and passive income in the long run.
The future for real estate investors looks bright. You can contact me Here if you are interested in generating passive income through Certificates Of Deposit in the Metaverse, Virtual real estate investments.
Business development is the ideas, initiatives, and activities that help improve a business. My experience results in your business’s increased revenue, expansion, and profitability by building strategic partnerships and making strategic business decisions.
I don’t sell houses. I grow your Assets. Patrick Iturra, Asset Manager at Estate Investments Group