The entire process of buying or selling a home can be long and tiresome. There are also a lot of people involved at every stage, so it’s difficult to know what step you are at in the buying process. The new ambition has been to use blockchain technology to be able to buy homes digitally.
How Will It Work?
The software that has already been made and is currently being tested will provide each home buyer with a platform on which to sell their property. This will be a decentralised home buying network that contains all of the information needed for certain stages, like securing a mortgage and finalising an offer. All of this information can be shared easily and seamlessly.
This entire blockchain idea has been created to make sharing information easier so the home buying process can be made more efficient and much faster. The overall aim is to provide more transparency for home buyers so they can feel more confident and in control throughout the process.
Smart Contracts with Blockchain
So far, the real estate industry has focused mainly on the purpose of blockchain being a smart way to keep records. However, smart contracts are also in development. A smart contract can be stored on the blockchain and be automatically approved when certain terms and conditions have been met. This means decisions such as mortgages and the transfer of ownership could take much less time.
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What Blockchain is Offering the Real Estate Market
Trust is a big part of buying a home, and blockchain will help with this. There are so many advantages of having smart contracts and decentralisation from blockchain that it seems likely to become the future of real estate. Agencies that do pick up the software will be better situated to take advantage of future technologies as well.
Even though this is set to disrupt the industry slightly, real estate will continue to thrive with a process that makes buying a home as easy as picking up toothpaste from the shops.