Explore all New Bikes of 2022
Real estate is one of the most complex industries. Ask anyone who has recently bought a house or even a plot of land. Not only is it labour intensive, but also high-risk and costly. Moreover, people who buy or sell a house do so with the help of real estate agents. Although they make the buying and selling processes much easier, hefty commission fees end up leaving many homeowners aggrieved. Furthermore, constant checks from banks, government agencies, and bureaucrats on legal documentation, payments, and paperwork can turn out to be quite cumbersome. With the introduction of cryptocurrencies, the real estate industry is about to change forever, and here we will explore some ways in which crypto is revolutionising the real estate industry.
Buying a house with crypto
Can you use cryptocurrency to buy a house? Yes of course! Crypto is basically stored, exchanged, received, and spent using a crypto service provider. However, the parties involved in buying and selling should agree to exchange crypto for the property.
Say ‘No’ to intermediaries
More than bitcoin and altcoins (currencies that aren’t bitcoin), there is something else disrupting the real estate industry. Blockchain, the core technology behind bitcoin and other cryptos, is a distributed ledger that keeps track of the information between the sender and the receiver. The entire real estate transaction can be done on the blockchain, from the registry of the house to the owner’s and seller’s verifications. The distributed, decentralised structure reduces the need for a middleman to transfer information and charge a commission from the parties.
Streamlining property searches
Presently, the most common methods buyers and sellers use to store and access property listings are third-party platforms. However, these platforms tend to be subscription-based, and demand higher fees from their users. Not only does the property data tend to be inaccurate and incomplete, but can also lead to poor communication between the parties. With the amalgamation of cryptocurrencies and blockchain technology, such problems will be eliminated by allowing property listings to exist on a single decentralised database, allowing homeowners to have more control than property listing websites.
Faster and Transparent transaction
By leveraging distributed ledger technology and cryptocurrencies, buyers and sellers can speed up the contract process and transfer payments instantly. Instead of writing a cheque or moving cash between financial institutions, the parties exchange cryptocurrencies between their own digital wallets.
Prevent and Detect Frauds
The commercial real estate market players can also consider building digital IDs for their properties. As the term implies, a digital identity with regard to real estate properties allows buyers and sellers to store digital information such as a registry of the house and financial and legal status. Not only will this solve the problem of digital identity proof, but it will also help speed up some pre-transaction processes, such as determining a potential customer’s creditworthiness.
India's largest automotive community