Blockchain technology is a global network of computers that jointly manages the database that records various transactions. It is a digitized ledger for cryptocurrency transactions. The technology helps the market participants in tracking digital currency transactions without physical record keeping. Every computer that has access to the network gets every copy of the blockchain transaction and downloads it automatically. Blockchain technology is one of the most secure systems that you can use when transacting. Below are some of the ways blockchain network has impacted the real estate business:
Over the last two decades, house sellers have been experiencing difficulties in marketing and selling their properties. In 2015, real estate experts advised real estate developers building more houses because of increased demand. This resulted in the hiking of the rental prices of the existing homes in many regions. Additionally, transacting money between real estate developers became cumbersome. The introduction of blockchain technology in the real estate transactions made work more comfortable because people can now use less time to complete secure transactions.
Over the years, there have been cases of real estate frauds involving both sellers and buyers of the properties. Previously, buyers and sellers required third-party verifications to avoid chances of real estate fraud. Scammers take advantage of advancement of technology in the printing forged documents and marketing fake properties using the internet. Blockchain technology brings digital ownership of the real estate certificates, making it difficult for scammers to forge the documents. The technology connects multiple properties to one system, making it difficult for scammers to sell or market properties they do not own.
The process of taking mortgages to buy houses is always tiresome and time-consuming for many willing buyers. The process is slow because it involves various administrative agencies in verifying the available documents. The introduction of blockchain technology in the real estate business will solve all the issues, making the process transparent and straightforward. Creation of digital ID for the property, buyer, and seller will facilitate the transfer process of the documents. The digital ID will include all the transaction history of the property, which enables the buyer to understand the chain of ownership before buying the property.
Finally, blockchain technology is still in its early stages of development. Once the technology is fully implemented in the real estate business, it will make the property transactions safe and fast, which will help many people to own houses.