Impact of Blockchain in Real Estate in la Habana

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In recent years, there have been a surging interest and demand for blockchain technology in several industries. Blockchain is a distributed ledger that presents potential benefits to whatever field it is applied to including the real estate industry.  

Currently, the system employed in real estate has a lot of limitations such as lack of transparency, poor data security, inefficiency, and so on. In real estate, transactions are carried out via face-to-face engagement with interference from centralized entities. This can reduce the efficiency of processing transactions especially when there is a break in the command chain. All these inefficiencies can be avoided with the application of blockchain.

Blockchain offers efficient data processing, top-notch security, and a trusted environment for efficient transaction processing in the real estate industry. With the adoption of blockchain, dependence on third-party entities is eliminated owning to its decentralization feature. This enhances the performance and productivity of a real estate business. 

A particular aspect of blockchain that applies to real estate is the concept of smart cities. Real estate around the globe is gradually evolving towards smart cities. It is a wide-range interconnection of a network, services, and transactions that are integrated into the cities to provide solutions to day-to-day problems. This concept will be further discussed in the article. 

How blockchain impacts the real estate industry 

Blockchain offers reasonable solutions to the problems of the traditional system. Here are a few of the ways blockchain plays in real estate;

Smart contracts 

Smart contracts are a set of computer protocols and algorithms that control the verification and execution of a contract. Blockchain can create, store and process business contracts across the globe without intervention from middlemen with the help of smart contracts. The data stored in smart contracts are immutable, secure, and transparent. This will improve the trust among participants and evolve transaction processing in the industry. 

Smart contracts execute transactions when all the requirements of the agreement are satisfied. This ensures that data is tamper-proof and free from fraud. 

Liquidity 

Real estate is ideally not a liquid asset because of the long period it takes to close a transaction. So for investors looking for early returns, liquidizing these assets may seem a difficult task. Other assets such as cryptocurrencies and tokens are liquid and can be readily traded for fiat currencies. However, with blockchain, real estate can also be readily traded by tokens. 

For example, instead of tokenizing an asset to 10 investors, you can publicly open the business for more potential investors which will increase the volatility of the real estate. 

Ownership 

Blockchain offers a trusted system that verifies the ownership of the asset. It also supports investors to make legitimate claims to partial ownership of the real estate. This is possible as investors are entitled to small fractions of tokens by trading on a trading app. This limits unnecessary commitments to the asset such as maintenance and leasing. 

No Middlemen 

There is a significant number of middlemen that are involved in real estate. This reduces the processing time and increases the costs of running and maintaining a real estate business. Blockchain cuts out the middlemen and ensures that both parties benefit from the transaction. 

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Real estate is one of the many industries that are enlightened to the benefits offered by blockchain. Blockchain may be an emerging technology but is already a valuable interest in the real estate industry. 

http://http://www.thebitcoinerworld.com/impact-of-blockchain-in-real-estate/

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    la Habana, la Habana - Cuba

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    Impact of Blockchain in Real Estate

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    Saturday, March 27, 2021

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