The real estate industry is experiencing a massive change and all thanks to Blockchain technology . There are a number of businesses investing in real estate technology quite significantly with the infusion of cryptocurrency wealth. They are very much aware of the blockchain technology and it is getting better and better by every passing day. In the coming time, you will soon find blockchain technology being used in every field of business just like the internet!
When it comes to the real estate industry, there are a number of possibilities coming into context with the use of blockchain technology. Take a look at how:
Transfer of Purchase Price: Tokenization
There are not many who will be able to manage to get purchase hard assets in the form of real estate and eventually wait for long to get it liquified. This will eventually change with the process of tokenization. You can democratize the assets ownership with Tokenization. This can be done with the use of cryptocurrency to split assets and that too tokens which are exclusively stored in blockchain
. So, if someone would like to invest in a real estate project then all they need to do is to resell their market share with the help of secondary trading. Yes, with the help of this approach even the people in different countries will be able to invest in the respective property without much of a problem. This was not possible earlier but the infusion of blockchain technology, things have got a lot easier and simpler in this industry. With the help of the respective updates, even the landlords will be benefited. They will be able to sell a specific portion of their land in an open market that can be purchased by anyone from anywhere. In this way, the real estate industry is acknowledging a huge shift and all the credit goes to the world of blockchain technology.
Traditional Contracts turned into Smart Contracts
With the infusion single decentralized application, the entire property management process will become a lot more secure and simpler. With the uses of blockchain-backed smart contracts, you will have the entire process of signing a lease agreement to cash flow management to even file maintenance requests, everything will become a lot more simpler and secure. Yes, you will have the entire process transparent and free of all kinds of drawbacks. It also helps them with a platform with which the landlord and tenants can sign the contracts digitally as per the given terms and conditions they have set for the respective deal. The agreement will also include rental value, tenant and property details, and more. As per the agreed terms, you will be benefited from automatic payments with the use of smart contracts. The tenant will never have to stress about the payment anymore as it will be deducted right away as per the given agreement and will be directly transferred to the landlord’s account. This will be done on a regular basis. Even the security deposit will be transferred with the use of the respective technology which makes the entire process a lot more simpler and complete security approved. So, this eventually helps you have traditional contracts like tenancy contracts and mortgage agreements infused with blockchain technology so that you can have all your deals traced and audited anytime and anywhere.
Benefits of Smart Contracts
- Finance: There will be no difficulties when it comes to managing payments as well. So, you will be benefited with a quick settlement and also you will be able to keep yourself away from disputes and reconciliations as well. Everything will be automated and real-time making things a lot more seamless and secure.
- Asset Traceability: Keeping track of parts and goods along the supply chain and all through the process will certainly enhance your decision making related to inventory repairs and management.
- Royalties, Payments, and Licensing: With the infusion of this technology, things will get a lot more automated which will help you live up to your contracts and make the payments according to the stated contract which plays a huge role in enhancing the trust between both the parties.
- Tax and Customs: Will make transaction management a lot more simpler and precisely. Yes, everything will get automated and streamlined and you will also be able to get complete access to the documentation as well.
- Digital currencies: With the infusion of blockchain technology, one will be able to make use of digital currencies which makes it easier for people all around to make the purchase as per their specific needs.
- Identity management: You can also make your identity management a lot more secure with the infusion of blockchain.
- Audit and Compliance: This technology will also help you avail complete assurance and security attributes during the process of real-time transactions.
- Records and Contract management: With the help of blockchain technology, everything will be managed according to the points mentioned in the settled agreement without any kind of privacy-related issues as well.
This is the reason why data exchange is now being considered and tested in different environments. Business owners around the world are working on different projects with the infusion of tokenization. But it is important that one should understand each and every step properly before implementing the respective field of technology in the world of the real estate world. Blockchain applications will certainly help you have your real estate market benefit quite convincingly. With the help of applications, you will have it everything running very much safely and securely. The impact will be huge and help the real estate industry grow and move forward.
Shrey Bhardwaj is a Founder and Director of PerfectionGeeks Technologies. He stands at the forefront of the advanced technology industry trend. He has spent the past 8 years evangelizing an industry-wide shift to the digital world and has helped position PerfectionGeeks Technologies as a leader in the public space.
Shrey embraces the core values of innovation, integrity, and growth. He has been highly acclaimed in strategic partner relationship development. Take a look at the skills he adores which makes him the best in the business:
He being a blockchain and microprocessor engineer has helped PerfectionGeeks Technologies get a reputed space among the audience. With 8 years at the back, Shrey has built a reputation for developing high-class business strategies, infusing new business models, and developing out channel programs. He is managing and developing a profitable business model for high-end enterprise services which can lead to even bigger growth opportunities. There is nothing stopping him from achieving the impossibles and that too smartly!