Today, blockchain technology is being used in various industries. Over time, blockchain technology has made a strong impact on payments, remittances, and foreign exchange. In India, blockchain technology isn't that famous as it should have been, including the real estate industry. Even today, real estate transactions are usually done offline involving face-to-face engagements with various parties which makes it quite difficult to track the record of the property. However, with people turning towards blockchain technology, this scenario is about to change. Here are a few changes that we would see if blockchain technology is used in the real estate industry in the near future:
1. As blockchain technology involves online transactions, it will enable trading platforms and online marketplaces to support real estate transactions. This will assist more buyers and sellers to connect with each other.
2. This will drastically cut down the need of middlemen - brokers, lawyers and banks and help both buyers and sellers ultimately, reducing the cost.
3. Attempts to commit fraud will be reduced at a great extent as the information that is stored in the blockchain can be accessed by all peers. In short, the process will become easy and transparent.
4. This, ultimately will also cut down the costs related to inspection costs, registration fees, loan fees and taxes.
5. Blockchain will also narrow down the barriers related to real estate investment by allowing for fractional ownership.
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How will blockchain technology be used in the real estate industry in the near future?
donaldjones
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5 Year
2020-08-24T12:19:02+00:00 2020-11-11T17:04:18+00:00Comment
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