Blockchain-Operated Real Estate Could Increase Transparency In Transactions

Blockchain continues to integrate into almost every aspect of a business. It has allowed companies to change their transaction processes and their information handling through the technology that blockchain introduced.

Recently, real estate company Imbrex launched a real estate marketplace operated by blockchain. The shift signified the firm’s listings to their mainnet blockchain. It also makes them the first decentralized agency operating through Ethereum blockchain.

Incorporating blockchain in real estate could increase transparency in all transactions. Economists and business analysts studied that information stored in the blockchain system is secure. Therefore, it decreases the chances of alteration, duplication, or theft.

Regarding transparency, a blockchain-controlled purchase also opens the doors to smart contracts. Sheila Botting, the national real estate and construction leader of Deloitte Canada, said that blockchain gives properties a specific identity which comprises lease information. Future customers could use the data to check records regarding previous lot owners, landlord information, and other pertinent statistics.

Not only will blockchain build trust between the company and its consumers but also among real estate agents. RESAAS Services Inc. is one of the companies using Ethereum-based fund transfer for their professionals. They acquired Real Block Inc., causing them to incorporate a cloud-based technology.

RESAAS supported that using smart contracts in processes such as agent-to-agent referrals also promotes transparency in the real estate industry. Without these kinds of agreements, companies would take longer to process payments. Therefore, it harbors mistrust among real estate professionals waiting for their referral fees.

Transparency also gives a layer of protection to consumers and sellers. Matthew Murphy, the Global Vice President at RenRen, claims that blockchain could eliminate intermediaries in the transaction process. By removing them in the cycle of business, the purchase becomes faster and free of fraud risks.

Because of the positive impact of blockchain to real estate, experts are starting to encourage companies to adopt the technology in their firms. They also say that the industry could expect more innovations that could change the system of a transaction in leasing properties. For those who are hesitant to incorporate the technology, analysts advise not to ignore it altogether. Instead, they should adopt it gradually and test blockchain first.

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About The Author

Kim Ramaswamy

Kim started her online career with Horizons Cottages as an Intern Journalist. After fulfilling her degree in journalism from the Delhi College of Arts and Commerce, she joined various social activities and platforms that exhibit her skills in media coverage and strategic journalism approach.

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