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When it comes to blockchain in real estate, the technology has the potential to shake things up in a big way. With its unparalleled transparency and advanced security features, it can transform the way we buy, sell, and manage properties.
As the real estate market grows at a steady pace, competition is becoming fiercer by the day. That’s where blockchain in real estate comes in: by offering innovative solutions that give businesses a crucial edge, it can help them stay ahead of the curve and remain stable in an ever-changing landscape.
Now, you may be wondering: how exactly does blockchain work in the context of real estate? That’s precisely what we’re going to explore in today’s article. So keep reading to find out how this technology can benefit your business and revolutionize the real estate industry.
The benefits of blockchain for real estate businesses are tremendous and can change how the business functions. Over the years, blockchain in real estate usage will widen, and tokenization value in the domain is expected to grow to $1,170bn. The numbers would only get higher, and we’re about to figure out what makes blockchain technology so interesting for business owners in real estate domains.
It seems like a minor issue and a minor benefit as well, but blockchain in real estate can nullify the need for intermediaries. The decentralized structure would allow your business to speed up, making real estate transactions secure, faster, and less manual-associated risks.
The merit of decentralization is most noticeable with smart contracts. Verified contracts with the smart code allow you to automatically withdraw payments with no third-party services needed. Smart contracts are less time- and cost-consuming and duplicate real estate transactions, making data backup easier.
Blockchain in real estate makes your assets liquid. The users of blockchain real estate applications can buy and sell property faster, which innovates the process. While usually, your customer would need an average of five steps to complete a transaction, including credit score approval and proof of income, now they can achieve the same results far faster than with traditional methods.
Smart contracts contain information about two parties: the buyer and the seller. No one in the private or public ledger cannot alter the information, and the data can be viewed by any side of the contract. This way, blockchain in real estate raises transparency and trust between parties.
Startups find more benefits in blockchain technology than would be expected. Being transparent and innovative, blockchain in real estate attracts investors with higher ROI. So, a real estate startup powered up with blockchain might be more interesting to the audience.
Traditionally, the real estate market is a closed one with private lists of property. Blockchain in real estate shapes the industry, making it more open and available to anyone. Online marketplaces that would allow users to complete online transactions in real time make the real estate industry as fast and transparent as any other.
The benefits of blockchain in real estate are numerous and undeniable. However, it is important to also consider the challenges and issues facing the industry. Let’s now turn our attention to the problems that real estate is currently grappling with and explore how technology could help address these issues.
Are you ready to take your real estate business to the next level with blockchain technology? Contact us today to discuss your needs and learn more about our blockchain development services. Our team of experts is here to help you build a customized blockchain solution that meets your specific requirements.
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The problems in the real estate industry are usually what makes people rent rather than own property. It is seen as an inflexible, though stable investment compared to crypto, which is viewed as liquid but non-stable assets.
Firstly, let’s go through the challenges in the domain and then evaluate how blockchain in real estate can help omit them.
Everyone knows that the real estate industry’s biggest problem is scammers. In 2021, the industry lost $350mil due to cyber crimes. And fraud still remains one of those dangers users can encounter on the internet with the highest probability.
Blockchain in real estate makes transactions more secure. It keeps all data tightly locked, and no one can alter it. Also, blockchain transaction is harder to hack due to their decentralized nature. And if a misfortune occurs, it’s easier to find the culprit.
Real estate is expensive, no secret. In April 2022, the median sales price of a single-family home in the US reached 391,200 USD. Meanwhile, the median income of US citizens varies between 74,862 USD (age 25-34) to 97,089 USD (age 45-54).
Blockchain in real estate, unfortunately, cannot magically fix the prices, but it can make the deal more affordable. Usually, the commission for third-party services takes up around 5% of the property’s prices. This is the number you could cut off with blockchain technology.
Arguably, loans are a problem that real estate faces. Usually, it takes up to three weeks to get approved for a mortgage loan. And the loan is just one step since buying property is a complicated and lengthy process.
Blockchain in real estate won’t give out cash for buyers, but it can do something relatively similar. With more crypto loan propositions appearing on the market, it is now possible to take a loan secured with cryptocurrency assets. So, your customer can buy a house with crypto by leaving their assets as a deposit for a future house.
It is a way for everyone to buy their own house simply by sharing the prices and property between different owners. While the solution seems perfect in many ways, it has its downsides. For example, a house with fractional ownership would be harder to resell.
An owner would have to figure out what limitation came along with the deal and how they can eventually work it out; in most cases, they would acquire a lawyer’s help. In the initial step of buying a property, some complications associated with splitting the house also might occur. However, blockchain in real estate can make this process easier since everyone in the deal knows their share since they’ve bought it as a fraction of tokens.
The real estate industry is facing several challenges that are hindering its growth and development. However, with the help of blockchain technology, many of these issues can be addressed and resolved. In the following section, we will examine some companies that are already using blockchain to transform the real estate landscape.
Blockchain real estate applications are becoming more popular with blockchain widespread across the market. All the benefits we’ve described above these companies are already using in their blockchain-based platforms.
Propy offers a set of solutions that innovate the market, for example, real estate transactions with NFTs or cryptocurrency. Their services take one click to complete and allow you to transact assets seamlessly. This service stood behind the first-ever house bought via smart contracts on Ethereum. It happened in 2017; the house is located in Kyiv and was bought by Michael Arrington, co-founder of TechCrunch.
According to Crunchbase, Propy now has about $16.7 million of total funding.
ShelterZoom works with the real estate industry, among other domains. They claim to provide a safe space for real estate transactions from start to finish, and their services for the domain include creating, negotiating, and storing contracts. The access to documents is easy to track with blockchain technology, and the startup works with brokers.
As of today, their total funding amount is $15.4 million.
UBITQUITY uses NFT and blockchain technology to provide its customers with the unique experience of owning a home. They accept 116 cryptocurrencies and provide webinar training, along with smart contract audition and cloud services. The security in their solution comes from the verification of multiple permissioned and permissionless blockchains and peer-to-peer seeding technology for decentralized data.
The blockchain real estate startup is now in its seed stage with a total funding amount of about $798,3K.
Many entities are leveraging blockchain technology to streamline and optimize real estate transactions. From rental platforms to property marketplaces, blockchain enables new business models and drives innovation in the industry. In the next section, we will delve deeper into the features and capabilities of blockchain that make it an ideal fit for real estate applications.
We have experience with blockchain as well. Want to see the solutions OpenGeeksLab created?
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Now you’ve seen how blockchain can shape the real estate industry and how other companies use the technology’s benefits. It’s time for you to discover your unique way of using blockchain technology in your idea and shape your business to leverage the competition.
Our team compiled a list of features that you can add to your blockchain-based platform. Take a look!
There are more features you could implement in your blockchain-based platform, and most of them are limited only by your creativity.
Sometimes, it is vital to pay attention to the ideal viability and implement only the necessary functionality. If you want to find out the exact list of features that would complement your business idea exclusively, you can get a consultation from OpenGeeksLab and talk through this matter with us.
Nevertheless, blockchain in real estate is a game changer. It makes the process that has been perceived as lengthy much more fast and easy. And the niche is not yet occupied, so your startup has all means to become a Unicorn!
Despite the booming real estate industry, it still faces some considerable challenges that are impeding its progress and development. These challenges range from slow and inefficient processes to a lack of transparency and security, hindering the industry from reaching its full potential.
However, with the implementation of innovative solutions such as blockchain technology, many of these challenges can be addressed and resolved, paving the way for a more efficient, transparent, and secure real estate industry. Moreover, blockchain is already being used by numerous companies to optimize and streamline real estate transactions.
If you are looking to leverage the benefits of blockchain technology to revolutionize your real estate business, consider partnering with a reliable and experienced software development company. By working with a team of experts, you can build a customized solution that meets your specific needs and requirements. Contact us today to learn more about how we can help you transform your real estate business.
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