Technology has changed almost everything in our lives during the past 30 years, and even before. As everybody knows, real estate has always been sorted out in face to face contracts and complex transactions, but there are so many developments nowadays that real estate just has to keep up with.
Smart contracts in blockchain have changed everything. Do you imagine buying those amazing villas for sale in Dubai by only using bitcoins?
Here are some ways in which blockchain is simply changing how real estate works these days:
1. PLATFORMS AND MARKETPLACES
One of the priorities of the real estate market is developing technology that helps listing and connecting buyers and sellers on a single, simple, manageable platform. Blockchain has introduced several ways of enabling platforms and marketplaces so the transactions are way much easier for everybody.
2. NO INTERMEDIARIES
Blockchain will give a turn to brokers, lawyers and banks and their roles on a real estate transaction. Platforms are likely to take over these roles so there are fewer intermediaries needed and the platform deals automatically with everything related to listings, payments, and paperwork. Isn’t it great? Everything will be cheaper, easier and even quicker. Renting a property in Dubai Creek Harbour with your ewallet is simple and quick.
As decentralized technology, all of the information that’s been stored in the blockchain can be seen to everyone who belongs to the network. This makes all of the data stored in the platform transparent and immutable as well.
The transparency that was already mentioned also leads to reducing costs in most real estate transactions. There are so many fees and taxes that can be just taken out of the equation just by making things automatic.
5. TOWARDS TRUE PEER TO PEER
Global real estate industry is approximately worth $217 trillion. This is obviously in the hands of big corporations and developers. The blockchain will be capable of giving access to the market for everyone. Transactions will be even more transparent, secure and way faster. With blockchain platforms doing most of the work, you’ll just have to look for what you need and like without paying tons of money in fees, taxes, and intermediaries, which is just amazing.
The future is here and its name is blockchain platforms and cryptocurrencies. Investing in new projects by Meraas just by using your preferred cryptocurrency has never been easier!