7 ways Blockchain alters real estate.
The blockchain technology is a real problem-solver that can turn truly complex business challenges into something common and easy-to-understand. The real estate business belongs to the industries with a tremendous number of pitfalls which an unprepared home seller or buyer are likely to fell into. And if they do not want to make any mistakes, they have to pay to multiple mediators for their services.
Let’s see in what ways the blockchain technology is able to change the real estate industry for the better.
According to statistics, 71% of US citizens believe that property-related operations are a very complicated process. What’s more, they want it to be simpler.
Underneath, I have gathered the most serious problems that are faced by home sellers and buyers.
A possibility of fraud. Since typical property sale agreements are concluded in a paper form, they are prone to the human factor and falsification.
A tedious paperwork. It takes a lot of time and money to take care of all the paperwork required to close a deal.
A large number of intermediaries. Typically, both parties have to pay extra fees to third-party specialists like lawyers and brokers.
High entrance barriers to property investing. It is very unlikely to make an investment in a real estate for people who do not possess a decent capital.
Difficult to obtain the real estate property information. Interested parties cannot find much property information on their own without paying to intermediaries.
By Nataliia Kharchenko