Places like Dubai, Ohio, Ukraine, and Bermuda are now focusing on database technology that will enable them to close the sale of property in just a few hours or even less. The process that took days or even weeks to complete can be completed within a couple of hours which is a great contribution from blockchain technology. Surprisingly, the process will also cut down the cost which currently runs in thousands of dollars.
Anyone who has ever done a real estate deal knows very well how expensive buying a property can be. But things are soon going to change. The 33rd largest county of the United States, Franklin County is planning to move all its 438,000 parcels now on the digital ledger in a coming couple of years. In a telephonic interview, the auditor of Franklin County, Clarence Mingo stated that the sellers, title companies, and real estate agents, as well as the governments, will start using this technology.
Mingo stated that blockchain-enabled database technology is virtually tamper-proof, cuts down the risk of fraud and completes sales faster. Many governments in the U.S and in the world including India, Ukraine, and Dubai are now exploring the technology and have already started placing property deeds on the blockchain platform. All these countries want to find out how this technology can reshape the sales and the way they are processed in the real estate market across the globe.
According to Bloomberg, by 2025, the processing of real estate deeds on blockchain network is expected to reach $4.26 trillion. Of course, it is not going to be easy for the governments of these nations as they will have to make certain alterations and amendments in their exciting laws. The new rules even may force the blockchain startups to send a bill for developing new government registries.
The transition of the real estate industry on the decentralized database technology platform could lead to title insurance providers becoming obsolete, reported Today. Since the need for a broker or third party will be eliminated, it will reduce the cost required to complete the registries and sale deeds.
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