How Will the Blockchain Transform The Housing Market?
Did you ever think Blockchain would also have an impact on the purchase or sale of real estate property we carry out? Yes, it’s true. Blockchain works on eliminating the hidden costs the real estate market deals with along with the inefficiencies carried out. Blockchain works as an online ledger that contains every transaction recorded in it regarding any asset which is public.
The blockchain is a concept that has completely changed the real estate industry making it more efficient and modern. It comes with a profound impact on the market which can be known from the below-mentioned points.
MLS Property Data
Blockchain comes with the capability of sharing the database regarding any property and the process it’s going through. This opens the doors of upcoming opportunities for the real estate market and the data which helps in the purchasing and selling of the property with more accessibility and centralization. MLS here stands for multiple listing services, through which every property goes for making a proper list of the agents, contracts, clients, appraisals, agreements, etc. The information stored in the blockchain is kept restricted and decentralized which makes it nearly impossible for the people to access who are not professionals from the field of real estate. This also helps in overcoming the various barriers while looking for MLS.
Recording of titles
Recording of titles is yet another hectic and challenging part of the real estate industry, or say of the process of sales and purchase. By the introduction of the blockchain, this process has come up with tremendous changes. The real estate market while purchasing property exchange a digital token along with a traditional deed on paper. The documentation carried out at the time of token transfer is valid in the form of an ownership proof which becomes standardized instead of working with the paper deeds. Blockchain provides with a database with centralized titles which make the job of storing and accessing more secure and also allows the owner in quick transfer of titles for the property on sale. This means, replacing the amount with the digital token, the transfer of the amount as well as the listing of the property both takes place with ease and also without using bunches of unwanted paper with ease.
Last but not the least, the operations are also a part of the real estate that blockchain would transform for security and efficiency purpose. The blockchain doesn’t consider the part of trust from the parties dealing in real estate. The users come with their own unique identity which contains the financial status of both of them which helps in secure payment. Again, when the funds are transferred, but it would only be completed when the transaction is completed formally from the other end to avoid any issues. This also increases the security of the transaction in the process of management.
Blockchain, henceforth, remains an integral part of real estate market which enables secure and efficient sharing of both money and data.