Blockchain: Why does this system revolutionize real estate transactions?
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Bitcoin, known as the “cryptocurrency”, is an encrypted system that has been used for some time on the Internet. The solution enables secure financial transactions and without the mediation of regularized financial institutions such as banks. A variation of this system, Blockchain, promises to streamline, cheapen and make transactions involving more than two agents more transparent. But what is Blockchain?
Blockchain is an online framework designed for processes that involve financial transactions and data storage. As the name suggests, the system is a block that has thousands of interconnected computers. These machines contain the same transaction data as:
- Contracts;
- Ownership certificates;
- Declarations of authenticity;
- Financial transaction receipts and other documents.
Each block is a transaction within that process. A new block appears only if the previous one is evaluated and verified by the majority of the agents that are part of it. Thus, through the consensus on signature and transaction validation, Blockchain is configured as a secure and transparent process, without the action of a central authority.
The advantages of Blockchain for real estate
Real estate transactions are extremely bureaucratic and complex, precisely because they involve various agents such as banks, lawyers, insurance companies, securities companies, regulators, tax agencies and inspectors. Blockchain appears as an option that, in addition to streamlining these processes, makes it safer and less costly. Below we list these advantages in detail.
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More security
In addition to being developed with state-of-the-art encryption, the process data is stored on several computers around the world, that is, thousands of them. This eliminates the possibility of fraud, since if someone tries to break into the system and change some data, he will have to do this on all computers. Blockchain also forms an audit system that goes through all stages of the process, which makes the transaction more secure and transparent.
Lower cost
Within real estate processes, there may be the presence of several agents, as mentioned above, and each of them has its own registration. The system allows for the existence of a universal registry, eliminating the need for an audit to verify compatibility between all agents.
In Silicon Valley, a property registration through Blockchain costs around 15 cents. This is cheaper, for example, than a copy of a document at a Brazilian registry office.
More agility and transparency
The system also eliminates bureaucracy. It is no longer necessary to use and transfer physical documents between agents. The model also functions as a digital accounts file, reliable, immutable and visible to all interested parties, showing all the elements of the transaction.
Source: Tajarat.com.pk
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Blockchain is the most innovative system at the moment.
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Blockchain technology has the potential to revolutionize real estate transactions by providing a secure and transparent way to record and transfer ownership. One of the key benefits of using blockchain in real estate is the ability to create tamper-proof digital records of property ownership and transaction history. This can greatly reduce the need for intermediaries, such as banks and lawyers, and streamline the process of buying and selling property. Additionally, the use of smart contracts can automate many of the legal and administrative tasks involved in real estate transactions, further reducing costs and increasing efficiency. Overall, blockchain technology has the potential to make real estate transactions faster, cheaper, and more secure for all parties involved.
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