Blockchains have recently been playing an important role in financial services and across other industries, it has become more present in recent times and many renowned corporations have been heavily influenced by this technology. Consequently, we started to see the widespread use of cryptocurrencies as they have played a prominent role in the expansion of Blockchain technology.
Real estate is one of the many industries that have averted their attention towards the use of upcoming technologies. Blockchain enables real estate companies to abandon the generic ways of having a face to face interaction to conduct a transaction. It is opening up new ways to do so. such as transacting high-value estates through digital channels. This will allow new ways for people to register, value, verify, and make transactions in a much safer and user-friendly way while still offering a high standard of transparency between the parties.
When talking about real estate and technology it is traditionally concord with online listings and connecting buyers and sellers, however more recently with the introduction of blockchain tech in the industry, this ideology has changed. The emergence of startups such as PropVaT By HouseAfrica helped change the way people saw tech-based real estate companies as they can link consumers to lawyers, estate valuers, property developers, and also help with mortgages thanks to blockchain technology. These services stated were usually offered in physical offices however, with the current word situation startups as such are in higher demand and are looking to become the future of the real estate industry.
The direct contact with the consumer and service provider allows for transparency, as a direct result, real estate related transaction costs are trimmed down drastically this is due to these companies not demanding high commission rates and unreasonable professional fees. The fees don’t end there generic real estate companies also call for other extra costs in the form of registration fees and inspection costs etc. The expenses that were mentioned can be cut drastically when dealing with tech startups and blockchain technology as everything is done through a safe automated system.
In conclusion, on a global scale, the real estate industry is worth hundreds of trillions of US Dollars, hence making it most accessible to big corporations and wealthy investors. However, through the use of blockchain technology, it granted the opportunity to more people where transactions can be made online in a more secure, transparent, quick, and affordable manner. It is also not far fetched to think that real estate activity will become primarily powered by blockchain platforms.