Blockchain technology has come up as the game changer for the real estate industry. With the ability to speed up the processes, blockchain is keen to solve the problems in the traditional real estate business. So, traditional real estate is filled with a lot of issues and blockchain technology is the ultimate rescuer. Blockchain-based systems are serving as platforms for connecting the buyers and sellers. So on this article, we will tell you how blockchain is solving the problems facing conventional real estate.
Traditional real estate has many potential issues. First of all, the processes involved are very slow and it takes forever to close a deal. And that is because most of the current market relies on paperwork. An agreement between the desiring parties is signed after a lot of manual verification. And this is one of some crucial issues in the industry.
The requirement of intermediary services is another big issue. And a transaction in the traditional real estate is not conducted unless it is verified by a trusted third-party source. For example, banks, credit unions, commission agents, etc who turn out to be very costly as they charge a
particular fee for every transaction.
One of the most common problems is fraud cases. And people do not get proper education before making an investment and as a result, they become victims of fraud operation. People who don’t have a clue about real estate present themselves as agents and are always looking for targets. Mostly, home-buyers and low-income earners become victims of such individuals.
The only purpose of the development of blockchain technology is to provide a permanent solution to all these problems. So, it is an incorruptible digital ledger which allows the data to be stored at multiple computers. Only the people involved are allowed to make any changes. And no need for the manual signing of agreements as blockchain based smart contracts are reducing the processes of days into minutes. A digital contract is set up, the parties involved agree to the terms and conditions and the agreement is concluded with their digital signatures. After the deal signing process is complete, payment is transferred in the form of cryptocurrency e.g. bitcoin, ethereum, or fiat into the digital wallets of respective parties.
Vairt is a crowdfunding platform for tokenization and liquidation of the real estate assets through blockchain. And all-in-one solution for property handlers to efficiently manage their properties. We offer transparent access to projects which will generate enough income to not only cover your expenses but also enable you to save for your future as well.