Real estate business is going through a revolutionary transformation in terms of operations and management. The entire industry is going to a rapid shift with the adoption of the future technology which is also dubbed as blockchain. This form of ledger based technology has facilitated digitization and automation of several operational processes which were earlier done manually. It has also helped in reducing the fraudulent activities that are pretty common in this business vertical.
The immutable nature of blockchain has made the systems highly secure which does not allow alteration of any information, data or transaction record within the given network. The universal accessibility and other unique qualities have enabled several growth opportunities in the field of real estate. Indubitably, it has been picked by market-leading firms of this domain. Especially the European and American markets are showing excellent potential towards the deployment of the blockchain.
In an interesting fact, it is revealed that in some of the countries the real estate business transactions involve digital currency along with a part in fiat cash. However, there are several experiments already going on to conduct a direct crypto to crypto transfer between the parties, as mentioned by Forbes.
Real Estate, Blockchain And Tokenized Sale
According to Fortune, U.S. investors will now be able to obtain some areas of South Carolina real estate in a form of blockchain based tokens. These are exclusively for a luxury student residence titled as The Hub. The owner Convexity Properties are offering the token via ledger powered systems. The company is looking forward to making a sale of $20 million, the buyers will acquire token of the relevant amount to securities which can be later sold on cryptocurrency exchanges.
Interestingly this isn’t the first tokenized sale in real estate business, there have been such projects already launched in other parts of the world. Perhaps, this trend is definitely picking up fast in the global market.[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. ]