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BLOCKCHAIN IN REAL ESTATE

Blockchain solutions have made their place in every field of life be it healthcare, trade, business, or commerce. The growing business of cryptocurrency has led the people of every field to divert their attention toward the use of this blockchain solution for their own good. Blockchain solutions found their innumerable applications in healthcare where they can be used to keep records of the patients, in financial institutions where they can help their customers in raising funds and then distributing them among the people, and in banking where the user can make a transparent transaction without any further due.

In addition to this, the blockchain has found its vast applications in the real estate sector too. The fact of cryptocurrencies have a high impact on the foreign market and stock exchange, real estate couldn’t escape the disruption of blockchain solutions either. Blockchain has changed the real estate way of business. Before blockchain, the trade of high-value assets was made after face-to-face discussion of both parties, but the introduction of smart contracts in blockchain brought a change in methods of dealing with assets from person to person to online.

Understanding the real estate industry:

The real estate industry deals with the buying and selling of lands and buildings from one party to the other with the help of investors. Most of the time the real estate asset is an investment. That means that the owner may or may not use the property but can use that property as a business like they can put that building up for rent. Real estate investment is done through real estate agents and investors.

For example, if you want to buy a house but are not planning to use it, for now, you will need to contact real estate companies and their agents. The agents will give you options and once you buy that house, you can use it for renting out or can sell it when the price gets higher. In other words, a real estate is a form of trading lands.

Following are some of the real estate blockchain companies that are operating all across the globe setting new goals for the real estate industry:

Republic

SafeWire

Vairt

RealT

PropertyClub

ManageGo

RealBlocks

Meridio

SMARTRealty

Reasi

Propy

Harbor

The Bee Token

ShelterZoom

NetObjex

StreetWire

Republic

Republic is a blockchain real estate system that has its main office in New York. Republic gives the real estate investors in online marketplaces the opportunity to invest in their desired project. The project can range from a highly valued real estate asset to simple crypto investment. Republic allows its user to contribute toward a better future for themselves by giving them opportunities in investing in new and beneficial projects.

SafeWire

Safewire is a real estate digital platform that has its head office in Columbus, OH. Safewire was formerly known as the safechain and was used for the prevention of wire fraud. It provides the real estate companies security from the hackers that can hack their systems and leak out their data or use them for their personal use. It is a blockchain that operates by providing security to real estate investors and sellers at the time of transactions by keeping a record of the time and date of transactions providing complete transparency to the users.

Vairt

Vairt has its head office in Cincinnati, OH. Vairt is a blockchain program in the commercial real estate industry where the involved parties can earn their secondary earning by being a part of a project by keeping property information clear and easily accessible. Vairt helps their investors in investing in the best project available and then helps them by providing them the neighborhood insights, market overviews, and long-term support.

RealT

RealT is a real estate blockchain solution with its head office in Boca Raton, FL. RealT is actually a fractional real estate company that works by providing its user the benefit of investing in the real estate market of the United States. Safety is kept as first priority, that is why all the process is carried out by token-based blockchain where the user is given a separate and unique identity that is only given to a single user at a time. In other words, the investors are allowed to buy a property by payment in Ethereum.

ManageGo

ManageGo is a blockchain platform that has its head office in New York. This platform is mainly for the rental property owners by keeping a record of the property history and keeping the transaction method transparent by keeping a record of monthly payments of both parties that are made by the customers. It helps in keeping a record of all the payments and keeps them available for use anytime.It has lowered the payment disputes by keeping the method of transaction clean and increased transparency.

RealBlocks

RealBlocks has its main office in New York. It uses blockchain technology for creating new places for real life assets that can be bought and sold. It gives the investors the benefit of buying a single fraction of the project instead of buying the whole portfolio or whole real estate assets.

Meridio

Meridio has its main office in New York. It allows its users, who are investors, to sell their digital assets of real estate. This platform proves to be a connection among the investors and sellers who are looking for an illiquid asset.

SmartReality

SmartReality has its main head office in Seattle. SmartReality is a blockchain platform for an asset class that uses real estate blockchain-based smart contracts for the assistance of its users. The contracts are used for keeping a record of the payment and rental agreements. If the legal contracts are not followed, they can be immediately canceled thus proving to be user-friendly.

Reasi

Reasi is a blockchain real estate platform having its head office in Santa Monica, Calif that helps the user in real estate transactions. It facilitates transactions by providing a transaction platform ensuring smooth cash flows that are secure and end to end encrypted. It gives its users the benefit of zero involvement of third parties. Instead of contacting the third party, the users will directly go to the platform and will do it all by themselves in an easy and secure way.

Propy inc

Propy inc is a blockchain for real estate that has its head office in Palo Alto, Calif. It also uses smart contracts that are made by the mutual consultation and consideration of multiple parties for the payment and transaction of bills.

Harbor

Harbor is a blockchain for real estate having its head office in San Francisco. Harbor is one of the trading platforms that tokenizes private securities including the real estate industry. The company tokenizes fractional ownership, funds, and real estate assets. It also verifies ownership of the property to provide an error-free transaction and digital documentation without the involvement of a middle man.

The beeToken

The beetoken is a blockchain for real estate in real estate business that has its head office in San Francisco. BeeToken enables its users to rent out their whole house or a part of their house digitally in exchange for digital currencies keeping records of a common database, title transfers, paper contracts, land titles, identity verification, rent payments.

ShelterZoom

Shelterzoom is a blockchain platform used by real estate users that has its main head office in New York. Shelterzoom uses blockchain technology for keeping the real estate offering and data managed and organized without any hurdles. It keeps a record of every single detail of the process from the starting steps to the final steps to ensure zero errors in the financial records of the parties involved in the process.

NetObjex

NetObjex is an online blockchain platform used by real estate users that has its main head office in Irvine in Calif. NetObjex is a distributed decentralized platform that uses ledger technology to keep the data untangled and safe for the user. It has multiple companies linked in its system that use the smart contract system for the transaction and trading processes.

StreetWire

StreetWire is a blockchain technology that is operating by its head office in New York. It is basically used for secure transactions and payment methods for the users of the real estate blockchain users. Its property of providing transparent and safe transactions and records of the transactions has made it popular among the user of the real estate blockchain platform for their own purposes like selling their assets or renting their houses and receiving the cash in form of digital currency with an organized method of records that are easily accessible and available to the members of the network.

Blockchain Technology in the Real Estate Industry

Blockchain in real estate has gained a major interest of property owners, real estate agencies, real estate companies, property managers that gives its customers unlimited access to their data and a transparent method of transactions. Blockchain in real estate has proven to be an innovative technology that has bought an evolution to the industry by the introduction of new ways of buying real estate assets, property through the nodes process attracting the potential buyers, making audit contracts through diligence process that ensures the security and confidentiality of the platform.

What are the most common uses of the blockchain in the real estate industry?

Blockchain in real estate has the following uses due to which it got real popularity:

Management of assets

Financing of project

Management of real estate property

Issuance of contracts

Development of property

Payment

Management of assets

Blockchain in real estate is a global real estate platform that helps the users in the management of assets. The management of assets is done by the tokenization of the property and the assets. The tokenization reduces the fee of processing by excluding the third party from the process. The reduction in the processing fees of the assets allows the investors to lower the minimum investment amount so as to attract more and more customers for their project.

Financing of project

Raising funds has been made difficult these days due to the lesser interest of the investors. The use of blockchain in real estate in raising funds has accelerated the process of raising funds. When dealing with banks as single loan providers, the rate of interest n the amount can be as high as 29%. This amount can be reduced by finding other investors. This problem was resolved by the use of blockchain in real estate that enables the user to connect to hundreds and thousands of people who might be interested in investing their money in their project.

Management of real estate property

People dealing with a large amount of property deal with the issue of maintenance of documentation of property due to lack of time. This problem was resolved by the use of distributed ledger technology that maintains all the data of the entire property, fractional ownership, asset management, legal documents, and closing documents in digital form and in an organized manner.

Issuance of contracts

Land titles are based o =n large documentation process that may lead to misleading or misplacement of documents. In addition to this, the documentation process of asset transfer is long and costly. This process and its issues were resolved by the introduction of blockchain technology that handles the documentation in digital form that is easy to maintain and is safe and error-free.

Development of property

Lack of transparency in the supply chain of the subcontracting in the construction and management of the asset has led to a problem for the investors and the owner of the asset. The issues that were faced by the owners during the property development in real estate were also resolved by the introduction of blockchain technology in the field of real estate. The problem is resolved by using blockchain in real estate the ability to prove the quality of the goods that are being used by tracing the origin of their manufacturing.

Payment

The ledger technology enables the user to carry out the payment process to be paid on-chain. Doing this removes the need for consultation of some custodian banks or involvement of the third party in the process. Moreover, use of the key takeaways blockchain real estate technology has also made transactions of large amounts easy and accessible to all.

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Benefits of Blockchain Technology in Real Estate Transactions

Mata capital blockchain technology method explains the ease of transaction using the blockchain technology. This all is possible due to the provision of the smart real estate contracts that are provided by the technology that leads to the satisfaction of both, the buyer and the seller of the asset. The transactions that are made through the use of blockchain technology are in form of digital currency. Records of all the transactions are kept safe in the form of blocks and are stored for future use. The transaction method using blockchain technology is a lot easier as compared to the existing systems that are still used in many places. The following are the benefits of using blockchain technology for real estate transactions:

A faster method of transaction

Transparency of records

No involvement of the third party

Faster method of transaction

Usage of blockchain real estate transactions is one of the fastest methods of transaction. The transaction is made through peer to peer network and is very easy and fast to make. Certain apps that are being used for the transaction have certain limitations on their usage, for example, some apps have limitations on the amount of money that can be transferred using that app. While some apps do not allow the transferring of money in the same region. All these problems were resolved by the introduction of blockchain technology in the transaction method for real estate investing and commercial real estate customers.

Transparency of records

One of the biggest plus points of using blockchain technology in the field of real estate investing is the transparency of the records of the real estate transaction. All the records of the payments that were made by the national and international real estate investors and real estate investments. All the records of the investment are kept in digital form that is safe and error-free.

No involvement of the third party

The biggest advantage of using blockchain technology is the omission of validation of the third party with due diligence process that facilitate transactions in real estate and other processes making the process faster and less costly. Many companies have to pay millions and billions of dollars to the middle man that connects the investors and sellers of the assets. The money that was being paid to the third party is now saved due to the peer-to-peer connection offered by blockchain technology in real estate

Let's build together real estate project on blockchain

Real Estate Market and Smart Contracts

Blockchain real estate has given its user the advantage of the development of smart contracts in real estate investing. The users can make a smart contract depending upon their needs and their requirements. Smart contracts are actually digital forms of an agreement that is made after the mutual consultation of both parties. The contract is made by keeping the viewpoint of both parties in view and is completely dependent upon the parties. The blockchain has nothing to do with the contract. After the buyer and sellers meet and the buyer or investors show an interest in buying the digital asset, they are brought together by the blockchain to discuss the contract. A smart contract is developed by the mutual consent of both parties and is then brought forward before the final transaction is made. Blockchain real estate also gives the leverage of canceling the contract if the contract is not being followed by the blockchain real estate members.

Conclusion

Blockchain in real estate has revolutionized the method of buying and selling real estate assets. The method is much easier than it was before. Blockchain real estate is offering its customers the benefits of easier and transparent transactions, easier documentation in digital form with lesser errors, and an easier method of transferring funds. Moreover, it also helps in the collection of funds by connecting different people together across the globe.

Blockchain real estate platform offers many benefits to the real estate investing parties. They are given the ease of smart contracts without the presence of a third party. The documents are made independently by two parties that are dealing with the project without the involvement of a third party. The ease of smart contracts has led to the greater interest of investors in the use of blockchain real estate who takes up a significant portion of the real estate market. Another main advantage of blockchain real estate is the option of cancellation of the contract at any point in the process. For example, if the points of the contract are not being satisfied by any party, the contract can be canceled without any further due.

The main advantage of the use of blockchain real estate is its customer-friendly service. If you carry out the process of buying and selling your assets in real, it would take months to first advertise it and then find a suitable customer. This problem has been resolved by the introduction of blockchain technology in the field of real estate. The seller is required to put up the asset that they want to sell on the blockchain. The other people or companies connected in the network will look through the asset and if the asset is suitable for their needs, they can contact the seller and develop a smart contract and then carry out the process of transaction and payment in form of digital currencies.

The payment done on the blockchain is in form of digital currencies. The blockchain real estate transaction saves the user from the pain of waiting for days and weeks for the transfer of money as they have to do while using other apps that have certain limitations. But blockchain leaves its users with the satisfaction of easier and faster payments as compared to the other apps. The buyer can transfer money and the seller can receive it on the same day.

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Blockchain in Banking

Frequently Asked Questions

Blockchain improves trust, security, and transparency. It also improves the ability to trace data shared across an enterprise network — and also delivers savings in costs through the use of new technologies.
By utilizing this public ledger technology, enterprises can take care of business their center functionality by bringing greater security, recognizability, unchanging nature, and straightforwardness. In view of the business nature, you can create separate custom blockchain (I.e) permissioned blockchain for your interconnected systems. Just a limited number of people can have the benefits to get to the data gave inside the system.

Blockchain is a complete decentralized and distributed ledger technology, which can store encoded records, and those records will be transparent, changeless likewise identifiable to the blockchain network clients. Blockchain was introduced with store the data about bitcoin and its exchanges, and now the innovation is utilized for some ventures, as it infers the most ideal approach to store information superior to some other customary database.

Since blockchain determines the new type of information storage and gives elevated level security to those records, business and associations can use this disseminated innovation, to store, recovered and oversee business records under one single rooftop, where the information could be completely decentralized, subsequently, no other outsider including the programmer can’t get to the records.

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