Blockchain technology brings an opportunity to change the current scenario how real estate business is handled by eliminating intermediaries like agents and lawyers. It will offer the customized smart contracts based on customer’s needs and requirements which help out to cut fees associated with escrow. Buyers can use a cryptocurrency to pay for a property.
Investors can buy shares in a company if they are unable to purchase the whole property. With Blockchain technology implementation, such investors would receive tokens which are transferable ones and more people could access the real estate investment process easily. It ensures authentication and buyers can easily check the fraudulent property.
Real estate market still needs more improvements right from the land registry to provenance and payment systems. Better systems will generate more incentive that can strengthen economic growth of any organization.
There are many companies trying hard to implement the Blockchain technology to their real estate business and i-House.com is one of them. The company has implemented a series of ATO (Asset Tokenization Offering) projects which allow investors to crowdfund real estate development projects by using the company’s cryptocurrency which is named as IHT. Through smart contract technology, i-House.com splits real estate assets which are assigned to different financial institutions. It allows small investors to invest in a small real estate by providing secure, traceable, low-risk and transparent investments.
Ricky Ng, the Chairman and Founder of i-House.com, said that they aim to a shared economy asset management ecosystem which extends across worldwide. i-House ATO provides the platform to developers, real-estate owners and users for owning and sharing digital assets efficiently, Nasdaq reported.
PadBlocks Implements Blockchain Technology
PadBlocks is one of the residential real estate websites which implements blockchain technology to its real estate business. In order to get more updates related to the official launch of the platform, homebuyers and sellers can start doing registration on its website. The platform takes buyers through each step from browsing to closing. It will connect a home buyer with a mortgage broker during the mortgage pre-approval process. Once the home-buying process gets completed, the system enables buyers to move to the next home purchase phase, as published on Cision PR Newswire.
Blockchain technology records data transaction and provides traceability, transparency and advanced security to each transaction at the same time, Cointelegraph reported.[The views and opinions expressed in this article are those of the authors and do not necessarily reflect the views and/or the official policy of the website. ]