Blockchain, a new technological innovation, has the potential to radically alter the way real estate is bought and sold by eliminating hidden costs and inefficiencies in the housing markets.
The use of blockchain technology in the field of real estate has numerous advantages. From transferring titles to negotiating prices, blockchain technology makes complicated real estate transactions simple and secure.
Consider how apartment tours have transformed with digital technology in recent years. Without even speaking with a leasing agent, you can plan a self-guided tour and inspect any apartment. Similarly, by delivering secure and virtual solutions, blockchain technology digitalizes and streamlines several elements of the property purchase process.
On 9th January 2009, an individual or operating under the alias Satoshi Nakamoto published the first version of bitcoin, as well as the blockchain database. After nine years, In February 2018, America saw its very first blockchain real estate deal in Vermont.
This real estate transaction was part of a Propy test experiment. Propy, a San Francisco-based firm, enables anyone to buy or sell real estate entirely online from any location on the planet. Its blockchain technology tracks every stage of a real estate business, from first expressions of interest to striking deals and passing ownership titles. With the rise of the Internet of Things (IoT) and the merging of the physical and virtual worlds, new opportunities to harness the power of blockchain will emerge. Blockchain has the potential to entirely change the transactional aspect of the real estate industry in the future. It could do so by paving the way for a truly transparent future that would drastically reduce the risk of fraud. However, for the time being, blockchain might make the real estate market more efficient, precise, and economical.