Blockchain for real estate: a chance for better changes
According to the analysts of the blockchain application, this technology can make the real estate market more transparent while housing – more available. It would also ensure new ownership forms in this industry.
Venture Beat has published a lengthy piece describing the possibilities of blockchain in the real estate sale and rent. According to the article, the parties of the deals connected to the real estate sale and purchase work with big money. That is the reason why they need additional guarantees. Unfortunately, not all the trust schemes available on the market are 100% transparent.
Blockchain would make this procedure transparent by integrating a register of real estate rights, a payment mechanism, and a money transaction service into one platform. The rights would be automatically transferred to those who conduct a transaction by means of smart contracts. This system is user-friendly particularly for the countries that lack a clear and reliable system of the rights registration.
Blockchain is a good solution to cut on the intermediaries involved in deals connected to the real estate sale and rent, which would make the whole process more available for people.
Another possibility that the blockchain inclusion would provide the owners of houses and apartments with is a transfer of small property lots. One company has already presented an exchange project trading with apartment parts. This experience is already known in the UK: buyers fully cover the cost of the housing part. Meanwhile, they rent another apartment part until the collection of the needed money.