Considering the potential of the blockchain to both seamlessly integrate and disrupt all sorts of industries, the need to know more about this tech is essential for more organizations to harness it. And one industry which stands to gain immensely from the blockchain is no other than real estate.
Let’s find out more on how the blockchain can garner real and viable results for the real estate industry.
Transparency is the Key
Ever wonder why the real estate industry seems to be a no-go for some individuals? Aside from the expensive costs of housing (which can actually be seen no matter where you are in the world), real estate jargon and contracts are a turn off for some.
It's a pipe dream for many; to own a home may be just a fantasy. But by allowing the blockchain into the picture, more people may see that having their own home can be a reality.
By including transparency into the mix, potential home owners can see (and understand) where their payments go to (or will go to). It's a simple perk with massive benefits for both agents and buyers, knowing that their investment works.
Commiting to Payments
Another reason why real estate needs some blockchain power is because this industry seems to be limited only to banking payments. Granted that some (if not most) cannot apply for a loan because of lack of requirements or credit score issues, the blockchain can work as a nice alternative on making a home purchase possible.
Ownership and Smart Contracts
Integrating ETH blockchain's smart contract functions will work best for real estate case scenarios. These automated functions can be programmed in such a way to remove the middlemen when making real estate payments. And that matters a lot - the savings you get from simply taking out a facilitator will definitely help you budget and plan for finally getting that house!
Also, potential house owners can make use of smart contracts as proof of ownership for a certain property. This works well in securing an asset, and helps prevent property fraud. Of course, no one wants to go through the hardship of fraud and the like - and this is why we really hope the blockchain can be integrated into this industry.
A Nice Way to View Investments
Finally, including a cryptocurrency angle into the mix of real estate jargon offers a fine alternative of seeing it as a new and efficient way to invest. The bottom line is, real estate, like banks, seems to be limited and numbing for those struggling to make dreams happen. The blockchain democratizes the process of allowing anyone to realize their dream. Now, isn't that a nice and positive way to view the blockchain? And considering that owning a home is a grand dream, this innovative tech just may make it into a reality!
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