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Blockchain and Cryptocurrency: Bridging the Gapsin Real Estate
In recent months, cryptocurrencies with bitcoin in the lead, have hoarded a substantial part of the industrial sector, especially media industries. Furthermore, with its potentiality to create, validate, authenticate, and audit contracts in real time without human intervention has made blockchain attractive—creating a new era of digitization through smart contracts.
The contracts made through the blockchain process comprises of certain instructions set rooted with transactions. Payments are made after fulfillment of these instructions providing complete transparency to all the parties and reduction in disputes arise due to payment issues.
The advent of blockchain technologies steadily gaining traction over numerous applications helps in analyzing the deals, maximum time considered to complete the task, mistakes, and fraud analysis. This opportunity has led blockchain to be also deployed in the real estate sector.
Meanwhile, for the first time, Propy, a California-based blockchain startup has announced its partnership with the Ukraine government to allow foreigners to invest in buying properties online. The capabilities of Propy’s blockchain technology has led the world towards a unique way of accessing real estate opportunities on their fingertips.
Furthermore, several advantages are observed in the deployment of blockchain technology in the real-estate sector. Real estate transaction will be initiated by processing through multiple listing services, where particular data is decentralized and restricted, making it challenging for people to access the data. However, deploying blockchain can reduce this barrier by sharing the data to the authorized user in a secure manner.
Tokenization process democratizes the ownership of assets, where the buyer receives digital tokens or cryptocurrency through blockchain comprising information about ownership of the particular land, and its locality. This token can be used as the proof of ownership for future transactions. If the owner wishes to sell certain parts of his share, the investment opportunities can be obtained through secondary trading of cryptocurrency.
Furthermore, the enhanced security and efficiency in blockchain technology helps to build high trust amongst the involved parties to conduct business. An individual user will be provided with a unique secure ID so that a secure data transmission is achieved amongst third parties. Also, an improved real estate eco-system can be accomplished by allowing people to share information and transact more securely and efficiently.