Real Estate Industry-Changing Blockchain and Its Better Effects
Blockchain and the real estate industry share very few things with each other, particularly because of how it had been used earlier. While finance and investment may have ties with it, according to Cryptocurrency Guide, blockchain and real estate initially did not.
Commercial real estate (CRE) values are currently set at $341 billion. In an analysis, even a small part of this can be used to fund technology that can make things easier and more efficient-in this case, blockchain. With that kind of tech fueling processes, even due diligence and data information becomes easy to read.
Blockchain can be applied to many uses in many industries that rely on data security and seamless communication. However, it is best used to create trust in a transparent process. In the world of real estate, the more transparency, the more trust a firm gets. Blockchain has already been getting mileage in a lot of uses connected to delivery and supply chains. If coupled with a transparent real estate process, it will become an even bigger thing than it is now.
There are real-world systems in which blockchain can be extremely useful. Blockgeeks pointed these out in a diagram, but the thing is that it creates efficiency wherever it is applied. A popular application blockchain can be used for is to create a decentralized server.
This server is popular since the world is increasingly becoming mobile. Even real estate will one day shift towards this, and blockchain makes things easier for a mobile processor. Real estate transactions that can be completed even when both parties are far away from each other gives an agent more chances at selling even more properties.
Immutability is another process that blockchain greatly amplifies. The blockchain is as secure as it can get; real estate transactions will benefit from this added security. What's more, blockchain-backed transactions can forever be stored in a secure area, making these transactions more secure than they already are.
There are many other properties that real estate can take advantage of in blockchain. However, it is important to note that it's not an end-all, be-all of the industry. Blockchain should be studied more closely and the processes that can be used in real estate applied. Only then can it be considered a true disruptor, one that makes the industry even better and more vibrant than it already was.