BlockChain Can Affect the Future of Real Estate
Block Chain can make interaction with real estate more transparent and more secure.
One of the advantages of technology is the trust that it can provide between the parties to the transaction.
When buying a property, you have to deal with large amounts of money, so the value of trust between deal participants increases. But so far all existing mechanisms do not exclude falsifications at one stage or another.
Blocking will make transactions with real estate transparent. The one who pays will receive the guarantee of the transfer of law, and the seller of the receipt of money. This will be possible due to the fact that the register of real estate rights, payment and transfer mechanisms will be based on a single block system.
With the transfer of money, the rights in this system will automatically transfer to another participant in the transaction. The human factor will be minimal.
There is an opinion that the real estate market will change with the advent of technology.
By analogy with bitcoins, you can sell a thousandth of your property and get money for it when necessary.
The first companies that have planned to implement this have already appeared in the UK - Brickvest and Property. Companies want to make a kind of exchange on which you can trade parts of apartments. There, the system will determine and fix their cost.
Appendices for the block of real estate in the real estate mass. It will be especially useful in countries where there is no clear system for registering rights to real estate, or this system is unreliable and subject to falsification.
A similar situation can occur in the rental market. There, technology will also protect both sides from illegal actions.
In conditions of complete transparency, unscrupulous market participants simply can not exist.