Living in a world where virtualization and online connectivity are the basis of human existence, it becomes entirely plausible for different worlds of domains to build a reciprocal link. One of them is the link between blockchain technology and real estate. While in the past real estate meant cash, money, and seamless real-time transactions, today, the appearance and impact of blockchain technology have changed the way real estate works. Let's take a closer look at how these two established reciprocity. bolts
From no link to break the rule
The real estate industry has long been dealing with
high-value assets while shunning digital assets. Head-to-head deals were the
norm because there was still a lot of money involved. However, the
advent of Blockchain has changed all this. The first and Business most crucial step
was the introduction of smart contracts on Blockchain platforms, which made it
possible to tokenize real estate. As a result, real estate deals can now be
traded as cryptocurrencies, including bitcoin and ether.
platform and sell
Since the primary goal of real estate is to connect
home buyers with home sellers, blockchain technology had to come up with ideas
on how to facilitate this process and provide new insights. To this end, many
online trading platforms and markets have been created that have ensured more
complete real estate transactions. Now, real estate assets can be traded the
same way as stocks, and all of this can be done online.
How it works: The platform allows home sellers to
tokenize assets by liquidating the investment through a token sale. The tokens
collected can then be exchanged for fiat currency, giving buyers an old
ownership percentage.
There is no middle man.
In the case of real estate, the real estate
agents carried out the process of buying and selling the home. In addition,
lawyers and banks played an essential role in this process. But today, with
blockchain technology, these roles can be significantly reduced. In the
pipeline, new blockchain technology platforms will handle listings,
payments, and legal documents. This highlights middlemen and leaves plenty of
room for home buyers and sellers to get more for their money. This will be
possible simply because no money in the form of commissions and fees will be
paid.