The global crypto market cap is $ with a 24-hour volume of $. The price of Bitcoin is $22,234.09 and BTC market dominance is %. The price of Ethereum is $1,714.08 and ETH market dominance is %. The best performing cryptoasset sector is Social, which gained 3%.
The Right Place to Buy, Earn, Exchange and Borrow against Your Crypto.
Here are five critical aspects that blockchain technology has the potential to improve or completely transform.
Cover art/illustration via CryptoSlate
Blockchain is gaining traction in the real estate industry, which raises eyebrows regarding the justification of this technology’s use in a sector already worth more than $326 trillion.
The Blockchain is far more than a gimmick that sellers of luxury penthouses can offer their ultra-rich clients. It can assist governments, businesses, and regular people looking to buy or rent a home.
Here are five critical aspects that blockchain technology has the potential to improve or completely transform:
The whole process starts with a property search, and this is where the first problems show up.
Statistics suggest that 93% of home buyers in the U.S. use an online website to find a home. These websites – primarily real estate marketplaces and platforms – connect buyers and sellers and allow prospective buyers to use filters to drill down into the specific criteria of their ideal property. All Web2 applications, though, are not without flaws.
First and foremost, the property information hosted on these websites is frequently inaccurate, outdated, or incomplete. Furthermore, data fragmentation across multiple listing platforms can lead to confusion. Blockchain technology, on the other hand, has the potential to solve these issues in many ways.
Instead of putting the same information about a property into multiple platforms by hand, agents and sellers can just put it in the blockchain database once. Second, data entered into the blockchain is irreversible and cannot be changed. Finally, future platforms might start handling tasks like listing, payment, and legal documentation.
The main winners in commercial and residential real estate transactions are the middlemen who connect buyers and sellers: brokers, real estate agents, bankers, and lawyers.
The more quickly the parties want to close the deal, the more they have to pay the mediators, which means they lose a lot of money. However, a report from Deloitte says that blockchain could soon change how real estate transactions work.
With virtual tours, direct communication between the buyer and the owner, and a complete paperwork guide, people can avoid intermediaries and save money on deals without taking any risks.
The amount of money saved will be enormous since realtors charge an average of 6% for every deal. So, if you bought a $200,000 home, you would save an extra $12,000 on the realtor’s services.
Financing is another big issue in real estate. Buyers have to wait for days or weeks to get their mortgage approved.
Loan origination and underwriting remain manual and unstandardized. Security structuring is left up to interpretation, and avoiding asset double-pledging requires significant effort. Trading and asset servicing decisions are frequently based on out-of-date information. Finally, cross-lifecycle cash reconciliations often cause settlement delays, affecting investor cash flow.
Traditional financial institutions can benefit from blockchain’s single version of verified information, secure data sharing, immutable transaction monitoring, and real-time payment settlement. By digitizing a loan or mortgage, relevant data such as ownership rights and loan payment history can be programmed to support future servicing decisions. Smart contracts can collect and distribute payments to beneficiaries while simultaneously reporting to regulators.
Blockchain-based property platforms make it easier to buy a home while reducing the risk of fraud. The same can be said about mortgage applications. Any errors would be easy to spot with data on a digital ledger.
It only takes remembering how the housing bubble burst in 2008 to realize how important data transparency is for market stability. Investors and mortgage applicants would be scared away if banks couldn’t hide the real numbers.
What has been done cannot be undone, but if the data is accessible to all network peers and immutable, it can prevent the next crisis. People can use blockchain to check all the documentation and find the best market option for their budget.
Potential tenants may also benefit from blockchain integration. They could find out in advance if the landlord is keeping up with mortgage payments, removing a source of stress.
Last but not least, blockchain has the potential to make ownership transfers simpler and faster by removing the human factor from the equation. The current system of property titles is often fragmented and difficult to manage. Bureaucratic institutions take longer to process information about ownership changes, which can cause problems in court or when selling property.
Each house or flat would have a digital title that would be stored on the blockchain. It would make it much easier to keep track of ownership. But blockchain won’t necessarily eliminate the need for documentation. On the contrary, putting technology into place will make paperwork faster and more efficient. If there is a mistake in a document, officials can always check the information on the blockchain to find it.
Keeping data in a secure location is also an excellent way to prevent fraud. Even if scammers obtain the owner’s signature and other information, they won’t complete transactions because the most critical information is still stored on the blockchain, and they have little chance of accessing it.
Prospects for the real estate industry in the age of blockchain
I won’t say that the blockchain will one day completely dominate the real estate market, eliminating the need for paperwork and various types of consultants. Everything I previously suggested should be viewed as an alternative to the traditional process.
Blockchain significantly simplifies life for those who believe in artificial intelligence rather than people. Any concerns that the technology is not trustworthy enough stem from a misunderstanding of its significance, dependability, and accessibility. However, big companies will likely solve this problem by educating clients on what they can achieve if blockchain is integrated. Adoption always begins with those whom people trust.
Scott is CEO of OwnersUnity, a DeFi real estate platform that uses tokenomics to make property ownership more affordable. He also is a proven leader and business owner who has worked in the energy and construction industries. Since 2013, he’s had his own successful consulting business. By combining this with what he’s learned about crypto over the past 5 years, Scott brings the DeFi and real estate markets the altruism and disruption they need.
Become a member of CryptoSlate Edge and access our exclusive Discord community, more exclusive content and analysis.
Disclaimer: Our writers’ opinions are solely their own and do not reflect the opinion of CryptoSlate. None of the information you read on CryptoSlate should be taken as investment advice, nor does CryptoSlate endorse any project that may be mentioned or linked to in this article. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own due diligence before taking any action related to content within this article. Finally, CryptoSlate takes no responsibility should you lose money trading cryptocurrencies.
Ethereum may be a better store of value than Bitcoin according to on-chain data.
The wMarket Update on Mondays condenses the most important price movements in the crypto markets over the weekend, published 08:00 UTC.
Celsius price gains are attributed to a short squeeze, which don’t typically provide sustainable gains over the long term.
Pierre Poilievre has vowed to make Canada the blockchain capital of the world and also use crypto to combat inflation.
Google Cloud blockchain developer Sam Padilla showcased the latest update to Google Search which includes a real-time Merge countdown with merging pandas
Terra Classic’s come back is made all the more evident as recent price spikes now place it 26th biggest project by market cap.
An FTC report states that Meta’s Instagram facilitated 32% of scams reported on social media, while Facebook and WhatsApp were cited 26% and 9% of the time, respectively.
Since its launch in August 2020, Shiba Inu has been burned in a bid to cut its 1 quadrillion circulating supply. The milestone half way point is fast approaching.
Google Cloud blockchain developer Sam Padilla showcased the latest update to Google Search which includes a real-time Merge countdown with merging pandas
LUNA Classic developers have introduced high yield staking rewards and token burns in a bid to bring investors back.
So far, the Dogechain Twitter has not addressed concerns of token dumping just one day after DC airdrop distribution.
Terra Classic’s come back is made all the more evident as recent price spikes now place it 26th biggest project by market cap.
Got a story tip? Email [email protected]
Disclaimer: By using this website, you agree to our Terms and Conditions and Privacy Policy. CryptoSlate has no affiliation or relationship with any coin, business, project or event unless explicitly stated otherwise. CryptoSlate is only an informational website that provides news about coins, blockchain companies, blockchain products and blockchain events. None of the information you read on CryptoSlate should be taken as investment advice. Buying and trading cryptocurrencies should be considered a high-risk activity. Please do your own diligence before making any investment decisions. CryptoSlate is not accountable, directly or indirectly, for any damage or loss incurred, alleged or otherwise, in connection to the use or reliance of any content you read on the site.
© 2022 CryptoSlate. All rights reserved. Terms | Privacy
Please add “[email protected]“ to your email whitelist.
Stay connected via