The real estate industry, according to RIS Media, is still dangerously behind the times. It is an industry with an estimated $217 trillion valuation, according to analysts, and it's reportedly never taken any steps towards creating advancements.
However, "massive, complex, and slow-moving" are words used to describe the real estate industry, and it's normal how these are rarely innovation leaders.
According to further analysis, the real estate industry is a slow mover. Once they decide to adopt technology, though, things will get to a fast start-quicker than expected. Cloud computing and blockchain is a great example.
This was true in 2019, where blockchain was seen as an industry that could maintain strong momentum in the real estate industry.
Real estate is still "fragmented." It's been labeled antiquated and slow to this day, making it one of the best industries to be disrupted by blockchain. The benefits of blockchain that fit the industry "like a glove" are security, transparency, and the faster completion of transactions, as well as the reduction of administrative costs.
Blockchain seems like a good technology to pursue real estate and another tech that needs security. It has the capacity to protect from fraud as well as create security for various transactions, according to CIO Review. The question is how effective it is protecting against these problems and how exactly will it do the protecting.
The technology leverages ledgers to layer and record transaction information using blocks, which are made part of a chain-hence, blockchain. It doesn't only offer ease of use and efficiency, but this method also makes transactions more transparent without sacrificing security. It adds a degree of scalability and decentralization as well as allow multiple parties to view the transaction.
An idea that needs more clarification is how security facilities will protect blockchain's stored data against the snoopers and how authentic these documents are. Cyber-criminals can still manage to sneak inside if these devices can be compromised.
Given that, there will be precautions in place and fraud detection and compliance using blockchain is still a good idea.
So far, so good for the real estate sector using blockchain. With its efficiency commitment and the transparency it already possesses, blockchain looks like a lock to help real estate jump into the digital age and leave the world of the pen, paper, and pencil documents behind.
