Looking at the growing blockchain real estate use cases, blockchain and real estate isn’t quite the, unlike pair.
The real estate sector is leveraging this new-age technology to bring transparency and make real estate safe and more secure than ever before.
Although the real estate sector is considered a slow-mover in adapting to new technology, the same goes for blockchain technology.
However, things started to change as now there are plenty of real estate projects in web 3.0 like Decentraland and The Sandbox.
Planning to dip your toes in the real estate sector and launch a virtual property trading platform? Then, contact RisingMax.Inc. team can be a good start.
Our blockchain experts are well versed in the development of blockchain-based business solutions.
With growing real estate blockchain use cases, it's high time to invest in launching your own real estate blockchain project.
Do you know?
According to Statista, the global blockchain technology market can grow more than a hundred times from 2017 to 2027. In 2018, the blockchain market was valued at 1.57 billion US dollars and will reach 163 billion US dollars by the end of 2027.
Before delving deep into the topic, let’s look at the real estate sector's current challenges.
Most users complain that they usually find fewer options when they visit to see available property options for buy or rent. The biggest reason is that even though other sectors are adopting new-age technologies and methods, real estate is somewhat resisting or failing to evolve. The real estate sector can leverage technology with sufficient listing website options to reach a wider user base.
Real estate laws are complex, and novice real estate buyers often have trouble decoding or abiding by them. Failure to meet any real estate law might lead to legal trouble or cancellation of a deal. Clear and less complex laws will bring more transparency between realtors and buyers.
Traditionally real estate found itself in a tough corner, trying to adapt or evolve with changing technology. Where other sectors are leveraging new-age technologies to improve efficiency and evolve, the real estate sector has failed to do so. By leveraging new-age technologies, the real estate sector can pave the path for growth and gain more leads.
Investing in real estate is one of the profitable long-term investments. As millennials and Gen Z look for ways to invest in real estate securely, real estate agents are building and increasing their online presence to connect with them.
These agents act as a middleman between the real estate sector and customers by providing online real estate services. Although a growing number of online real estate agents have provided ease to millennials and Gen Z, there is no doubt they have boosted the competition.
Buying, selling, or renting a real estate property is followed by hefty paperwork that a person needs to follow. Often, customers hire professionals to handle the paperwork on their behalf, but it takes time to manage them efficiently. An inexperienced real estate agent can hamper your overall property buying, selling, or renting experience.
One of the major shortcomings in the real estate sector is its inability to provide a transparent environment to all the parties involved. The transactions between the realtor, buyers, and real estate agents are not transparent, and there are always uncertainties when dealing with a new realtor or real estate agent.
The list goes on regarding the challenges faced by the real estate sector. However, we have covered the most prominent ones. Now, you have read about the real estate sector's major challenges.
It's time to move on to its solutions. Let’s see how blockchain technology is revolutionizing the real estate sector and assisting in solving all these major challenges.
Looking for a reliable blockchain partner to integrate new-age technology with the business processes? Connect with our support team at RisingMax.Inc and share your project requirements ASAP.
The real estate sector has failed to grow leaps and bounds over the last few years due to the challenges the sector is facing. Blockchain is paving the way for real estate to leverage the true potential of blockchain and solve these major challenges. As a leading blockchain development company in USA, we are building and integrating business solutions to help them grow.
Let’s have a look at how blockchain technology is solving major challenges for the real estate industry:
One of the biggest reasons for money laundering and fraud cases is the lack of transparency. The decentralized nature of blockchain technology allows the real estate sector to bring more transparency to the system. Anyone within the system can access the information regarding buying, selling, or renting transaction records.
Everyone knows that there is a hefty amount of paperwork involved whenever there is a sale or purchase of the property. This creates a challenge for efficient record keeping.
With blockchain technology, the real estate sector can create digital entries for all the paperwork and store them on a decentralized ledger.
Information stored on the decentralized network is easily accessible to everyone.
Not even the admin can change or delete the information stored due to the distributed nature of the blockchain.
When it comes to real estate, transactions usually contain some conditional clauses. Smart contract deployment is relatively easy to manage these conditional clauses related to payment.
The self-verifying and executing nature of smart contracts eliminates any possibility of fraud and ensures fast & secure transactions. Realtors and buyers can code all the pre-agreed conditions of sale and purchase in smart contracts, and transactions will execute automatically after fulfilling all conditions.
Real estate laws are complex and often keep on changing from time to time. Blockchain-based smart contracts don’t have to worry about complex or changing real estate laws.
Time updates of the smart contracts ensure they remain relevant over time. Deploying these blockchain-based smart contracts ensures compliance with real estate laws and transparency in a real estate deal.
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Blockchain technology has the potential to revolutionize the real estate sector, and the tokenization process is the leading example. Tokenization is one of the leading blockchain real estate use cases.
Blockchain allows the representation of real estate properties as non-fungible tokens (NFTs). Tokenization of real estate makes it easy for users to trade properties like stocks.
How is tokenization revolutionary for the real estate sector? Tokenizing real estate makes it easy for everyone to invest in real estate and break border barriers, thus attracting overseas investments.
Blockchain-based smart contracts are a panacea for the real estate sector that assists in tackling numerous issues.
Faster transactions, transparency in terms of security, and easy law compliance are some of the major advantages of smart contracts.
The real estate sector leverages smart contracts and provides all these benefits to users. This makes blockchain smart contracts one of the revolutionary real estate blockchain use cases.
Blockchain technology is an efficient tool for managing manual paperwork within the real estate sector. Obsolete processes in the real estate sector can be eliminated or upgraded with blockchain technology.
Smart contract-based software applications are some of the major real estate blockchain use cases. These applications allow the sector to automate processes and reduce the time & money spent on various processes.
Blockchain uses a distributed ledger to store the data within the network. The information can’t be altered or deleted and will remain in the system as long as the network runs.
This is one of the most important blockchain real estate use cases that ensures that the information related to a property will be available for future buyers or investors, creating a transparent ecosystem for all parties involved. With this verified information, users can make well-informed decisions and assist in better evaluation of a property.
Fractional ownership is one of the trending blockchain use cases in real estate. This new-age investment method has the potential to transform the real estate sector.
Now ordinary investors can indulge in fractional ownership and buy a portion of a property they otherwise can’t afford. On top of that, they can always sell their ownership whenever they want.
This is a revolutionary investment method with which the real estate sector can attract more investors and bring in the funds needed.
Blockchain use cases in real estate give more control over transactions and reduce the risk of fraud. Whether you are buying, selling, or renting a property, you are dealing with someone unknown in most cases.
This creates a doubt in the mind of the realtor about whether to trust them or not. But with blockchain, there is no need to worry. Deploying blockchain-based smart contracts automates financing and payment, giving end users more controlled transactions.
Another leading blockchain real estate use case is tokenization. Tokenization assists in the trading of real estate like stocks in secondary markets and opening new opportunities.
Secondary markets are accessible worldwide, thus bringing investors to own tokenized real estate properties. Conversion of real estate to digital assets allows easily buying or selling in the secondary market.
As we have already mentioned, tokenization is a revolutionary real estate use case. Tokenization brings more liquidity, transparency, security, and even more if you look at it from a broader perspective.
Blockchain technology knows no boundaries and allows investors to trade real estate like stocks, bonds, or other digital assets.
Planning to integrate blockchain technology within your business? Then reach our experienced blockchain team and start your journey to success.
Looking for a trustworthy blockchain development partner for your real estate project? Then, your search ends here. Here’s why you should choose us for your real estate project development.
We have been working with blockchain technology for more than six years. Our team has successfully built blockchain-based business solutions for startups and enterprises worldwide. From blockchain idea validation to development and deployment, we provide full-fledged services to our customers.
With our round-the-clock support services, we ensure the smooth running of your real estate project. We do time upgradation of your platform and handle bug issues so that you can focus on other business aspects.
Our team leverages their in-depth knowledge and expertise to solve complex development issues. With our agile development approach, we build cost-effective business blockchain solutions for startups and enterprises. Leverage the true potential of blockchain technology by integrating it into your business.
Our relationship with customers won’t end when we deliver the project. It starts with it. We provide affordable post-deployment services to our customers (first month free) to keep our bond growing.
Our competitively priced post-deployment services ensure all project technology and maintenance needs are well taken care of.
Planning to rule the next era of real estate with a revolutionary blockchain-based platform, then,
Great business ideas need time to become a reality. So, act fast and be a market leader while your competitors are still planning and searching for a blockchain game development company for their real estate projects.
It all starts by filling out a simple contact us form. Our support team will contact you and schedule a FREE consultation call with our blockchain experts and development team.