5 Reasons Why Blockchain Technology Is the Next Big Thing in Commercial Real Estate
Blockchain technology first began to take the world by storm just a few short years ago. Since then, the benefits of blockchain have now become apparent across a number of industries.
The data security, ease of movement, and integrated nature of blockchain technology have brought tangible benefits to several sectors. These include banking, healthcare, retail, and, of course, the real estate sector.
That is why the global market for blockchain technologies is predicted to explode from $1.2 billion today to around $23 billion in 2023.
Blockchain in real estate is completely revolutionizing the industry. It is improving efficiency, security, and profits. Read on to find out how blockchain technology companies are transforming the real estate industry.
1. Bring the Global Real Estate Market Closer Together
One of the most obvious ways that blockchain and real estate are a match made in heaven concerns international transactions.
Every single year, trillions of dollars are moved between borders for international real estate transactions. Before real estate blockchain, that money was subject to onerous delays imposed by banks. Hefty overseas transaction fees were also a problem. Thanks to blockchain and real estate cryptocurrency, transactions are instant. Only minimal oversight is needed.
2.Trimming the Fat
For buyers, sellers, and realtors, one of the most annoying aspects of the real estate business is having to deal with intermediaries.
Often, a real estate transaction will have to go through brokers, lawyers, banks, and more before it can be completed. Blockchain platforms can assume the functions of listings, payments, and documentation. Therefore, the middlemen can finally be cut out. This will save both buyers and sellers serious money.
Image Credit: David McBee via Pexels CC 2.0 – Blockchain Technology3.Decentralization and Transparency
At its core, blockchain is a decentralized ledger. All information is easily available to all peers on the network. This allows for greater transparency and peace of mind for everyone involved in the transaction process. A lack of transparency can lead to unsavory practices and destroyed lives. Nobody wants that. Blockchain property ledger offers a safe alternative.
4. Reduced Costs for Everyone
Blockchain technologies offer the chance for stakeholders to avoid unnecessary fees. Intermediary fees can be scrapped in favor of blockchain services. Loan fees, registration fees, and taxes can also be avoided with cryptocurrencies. International fees and charges can also be circumvented by blockchain technology. This means more money in everybody’s pocket.
5. Efficient, Secure Payment Processing
Blockchain allows for payment processing that is more discreet and secure than traditional payment methods. Blockchain allows for the creation of smart contracts that automate the transaction process. All whilst retaining airtight security. Blockchain in real estate means that realtors can offer customers an extra layer of security in these uncertain times.
Learn More About Blockchain in Real Estate
Do you want to learn more about blockchain in real estate? Or learn how these disruptive technologies are revolutionizing the industry? Make sure to consult our High-Tech Section for the latest updates.