Blockchain technology has created a different kind of atmosphere in the era of technology. With the help of this technology, one can easily see a real-time cryptocurrency transaction in a digital ledger that is being managed by the network. Blockchain technology is getting famous because of its credibility. Now, investors can keep a real-time check on the transactions that are being made and it doesn’t need an intermediary. Surprisingly, the price of currency Bitcoin is skyrocketing and everyone is trying hard to understand this concept.
Cryptocurrencies have been successful in keeping a strong impact on payments, foreign exchange, trades and many other things. IT legend John McAfee stated in his tweet that Bitcoin price will reach $ 1 million at the end of 2020. Bitcoin’s presence has marked a new revolution in technology and is growing at a great pace.
Blockchain technology is versatile and seeing it entering into real estate market looks like a natural step. Real estate transactions are meant to be done offline and that also face to face but this technology has actually broken the norm. With the introduction of smart contracts in blockchain platforms, it allows real estate assets to be tokenized and to be traded like cryptocurrency (bitcoin and ether).
According to research conducted it has been observed that real estate market has its own limitations. Less credibility, asymmetric information, and drawn out transaction are counted as main pitfalls. Even overseas developers face their fair challenges and have to undergo various ROI process that is actually a very long process as it involves a lot of departments and are ill-functioned and not very much organized. However, people are rolling their eyes towards a better solution that would help in eliminating the steps and making it simple. Blockchain holds the solution to all the problems.
Immutability, traceability, and transparency of blockchain have made it a leader in real estate market. Even, it is being tested on government levels so that the process of registration of land and property gets easy. With this technology, it will become easy to keep a tap on the transactions and also it has helped in speedy transactions. It will involve more parties in this real estate world. It takes into account that all the necessary steps are taken before funds are transferred or banks are being reimbursed.
Investors work on the platforms that integrate the global estate market through blockchain technology. How do they work? They try linking blockchain mechanism with real estate, real estate developers etc and users are connected to open up “digital credit society” and this how real estate transaction plays an important role in economic development. Specifically, there’s a company called i-house.com that will be with its IHT technology developed on the basis Ethereum blockchain technology. It uses intrinsic blockchain advantages like its transparency, faster speed, trustworthy mechanism. As a result, people get a chance to invest in a smaller amount and still get a benefit from real estate market.
The blockchain is booming every kind of industry especially real estate market because of its features and credibility.