Real estate is changing ever since the evolution of cryptocurrency, there are many edges towards real estate and crypto in the future.
Real estate is a major industry, and technology has helped to make it more efficient in aiding crypto.
Real Estate is one of the most promising investment across the globe. Technology has been a backbone of Real Estate management and helping the investors to make decisions, and enhance transaction between investors across the globe. However, the dependency of a central body has been a major impact on the real estate, purchasing and transfer of assets ownership has been time consuming and tedious since the transactions rely on a third party, who validates the identity and transaction. Blockchain technology might be a boost to the industry, as it will foster efficiency and secure authorization of transactions, thus advancing the growth of real estate investments.
Blockchain will also enhance security and efficiency in real estate management. The United Kingdom government announced that they will be moving the registry of lands to Blockchain. Transfer of land has been a key problem in real estate management, the registry of lands has to maintain enormous information pertaining the title deed, which is done offline and stored into servers.
The peer to peer model of Blockchain has proofed to be a bullet proof to security threats and at the same time proved simple and convenient to use. The technology maintains the ledgers and the government do not have to hold the enormous information concerning land ownership and purchase. This will be a great opportunity for real estate investors to obtain land, which will be fast and efficient. However, use of Blockchain in real estate property management has been opposed by some scholars, arguing that the security concern might be an issue, especially where an error occurs, since a Blockchain process or stamp cannot be edited or reversed.
Fraud is another real estate problem that Blockchain might stop. Over the recent past, cases of Fraud in real estate have mainly emerged from the hardship that comes when verifying the process of transaction and even at times the currency. The conventional currency exists outside the federal banks and it can be transferred as long as the seller and the buyer are in an agreement, however, the buyer might not have full information to verify that the seller is actual owner of the property. Forgery has been used to steal from unsuspecting buyers, and even if the verification was to be done, it is done by a land registrar who checks whether the seller information matches what is in the records. Depending on one person raises security concerns of the integrity of asset management systems.
Blockchain might just restore the trust between the buyers and sellers because they will no longer have to worry about fraud, since the transaction and the verification is done or rather signed by multiple parties. Therefore, incorporating Blockchain technology in real estate will be a great ride for asset management, transfer ownership, rent, and reducing fraud. In fact, the paperwork as a proof of identity might end, and proof of ownership of a real estate property will be in form of a crypto-info, such as a code, which identifies and verifies the seller.