Blockchain has seen increasing use in areas where tech that is hard to crack is hard to come by. In the case of real estate, it has seen frequent use of real estate. The private and public sectors are both enamored by the implementation of faster processes thanks to the technology.
Token Post pointed out what everyone is thinking when they look at blockchain-it is efficient and transparent. It seeks to minimize processes to create faster transactions. It also seeks to do away with documentation (an unlikely earth-friendly offshoot) by creating a path toward digitalization.
When asked about the inclusion of blockchain in transactions, consultancy firm Deloitte said that it was about to become a big thing for commercial real estate (CRE). Furthermore, they explained that the removal of many redundant processes in real estate transactions is useful and practical. It has the capacity to bring great value to the industry as a result. They added that the government will benefit greatly with blockchain, as will traditional real estate.
Lisk has also expressed its beliefs about blockchain, that the next-level technology will disrupt the way people do things in real estate.
Blockchain has the power to create new business models and future-proofing long-time traditional ways of doing business. With this, real estate will attract new players in the industry. Properties will also be easier to trade and sell as their values are attributed to tokens, with these being traded instead of the deeds and property documents.
With this kind of efficiency and transparency, newcomers to real estate will be able to trade on equal terms with long-time players. The future will also give way to a new sense of ownership, as well as rent, through processes created with the use of blockchain.
A number of countries have already committed to adopting blockchain for further use. Brazil has Bitquity, partnering with the Real Estate Registry Office (Cartorio de Registro de Imoveis) to create a "pilot program" for official land records. China has a blockchain platform currently recording real estate data for further use, allowing its citizens to skip the cumbersome process of queuing up and waiting for days to get documents.
The technology is still technically in its early stages. However, it's safe to say that the deeper blockchain is used in real estate, the more it will become an integral part of everyday life.
