Considering the magnanimous impact of blockchain technology, there isn’t any segment it hasn’t permeated in, currently. The use of cryptocurrencies has brought about a major difference in the process of payments, remittances, and foreign exchange. The concepts of stock investing, start-up loans, and venture capital have been challenged by the Initial coin offerings (ICOs).
Likewise, the realty sector has been impacted by the blockchain. It has introduced the mode of digital transactions of high-value assets, in contrast to the offline face-to-face real estate transactions. Blockchain has brought about a major change in this sector. With the introduction of smart contracts in blockchain platforms, the realty assets can be tokenized and traded like cryptocurrencies such as bitcoin and ether.
Listed below are the major ways blockchain has proved to be the game changer in the real estate segment:
- The introduction of technology and Blockchain in real estate sector has brought a major change in the listing and connecting of buyers and sellers, along with its platforms and marketplaces.
- Blockchain has cut down the role of the brokers, lawyers, and banks in the realty transactions. With the elimination of middlemen and intermediaries, the whole process has got simplified and streamlined.
- Cryptocurrencies and tokens have brought in liquidity in the real estate sector as they can easily be traded for fiat currencies through exchanges
- Allowing fractional ownership, blockchain has eliminated a number of barriers to real estate investments
- Various costs associated with the realty sector like the inspections costs, registration fees, loan fees, and taxes, have been minimized through the introduction of blockchain technology
- One of the major advantages offered by blockchain is that it has provided an increasing number of people the access to the market with transparency, enhanced security and equitability in the markets.