Blockchain a new advantage for real estate ?

This article targets the curious and technology enthusiasts.

Here we reflect on the advantages that the Blockchain offers to the real estate sector.

First we talk about the transparency of information provided by Blockchain technology.

The history of each property is accessible to all.

Moreover, the information cannot be altered since it is immutable once in the distributed register, no one can touch it in other words.

The second is to reduce the risk of fraud and audit and expertise work, which is often long and costly. Indeed, thanks to the history of transactions, it is possible to know with certainty who the current owner of a property is, we are talking about a kind of follow-up of the steps.

Finally, the real estate transaction process would be faster, thanks in particular to the use of Smart Contracts to automate the transaction. In other words, the deed of sale or even the lease contract is coded on the blockchain and the payment by the buyer automatically triggers the delivery of the certificate of sale. The proof of sale is time-stamped, immutable, and cannot be contested. The combination of these various advantages leads to an overall reduction in transaction costs. These advantages have already attracted several governments, which have initiated collaborations with Start-ups.

The Blockchain is a reassuring technology that offers visibility and guarantees reliability. Many of us today doubt the authenticity of contracts or even people we can contact via platforms to rent or buy a good.

Author : Pauline BORCOS

Published : Friday 5th October, 2019