There are several writings about blockchain technology and is gaining popularity in almost all of the sectors. Blockchain is a revolutionizing technology that touches people of all sectors. It is one of the brave and new world technology for real estate professionals to get engaged in a safe, secure and fast transaction in real estate market. The technology is widely accepted among the property owners, real estate professionals and everyone related with the sectors. But still, a good number of people are unaware about what blockchain really is.
Blockchain in real estate
Property ownership issues are one of the most common problems in the real estate field. What about the idea of making the deals in the presence of several people to get the support of them whenever an issue occurs? This is what blockchain in real estate india assure for the real estate people. Just imagine that a deal occurs between two people in a stage where 1000 of people witness it. If anyone makes a false statement in the later period, these 1000 of people who have witnessed the deal will refute it for the favor of genuine member. This helps to prevent the false statement and deals in the real estate market to rock bottom level.
Blockchain provides a common database for all of the people related to real estate. The database is shared and it is so important for making leasing, purchasing and sale transactions. Since everything happens on the common database, every transaction is stored on thousands to millions of computers connected with the blockchain. Multiple listing services are one of the best examples for blockchain since it collates information from the database of brokers and agents.
Most of the present property agreements have a middleman and several moving parts. Smart contracts in blockchain are made directly between buyer and seller without any human interaction. This makes both buyer and seller free from paying commission for the middlemen such as attorneys and brokers and makes the transaction really fast. The buyer and seller put complete information on the secured block and the computer protocols will check for the genuineness and legitimacy of the transaction and agreement happens only when all of the terms are met. This system helps a lot in preventing the chances of real estate fraud.
Good future for blockchain technology
Every municipality or department has unique methods of storing and managing the property data. Some make use of online sources for the purpose when others still depend on printed paper. When all of the property titles are decentralized and stored on the blockchain, it helps to save great volume of time and money to manage it. Blockchain also helps the members to give information on construction, improvement, and damages to the title. This helps the buyer to get the true information about what they are intended to buy.
There are leading software development companies in the country to provide the best solutions for real estate blockchain india based on the requirements. Make use of these solutions for the real estate business to add real speed, safeness, and security to transactions.