Blockchain - Can It Disrupt the Real Estate Industry Like Other Sectors?

Posted On Monday, 22 November 2021 20:05

A revolution is already underway in the digital currency landscape with the blockchain. Even a few years back, it was unthinkable to have a decentralized currency.

The apprehension of volatility when a currency lacks backing by the government was the main reason for the lesser subscriptions. However, the success of cryptocurrencies like Bitcoin supported by blockchain is convincing people to believe that it can have a far-reaching impact.

People now expect that the usage of blockchain can be beyond their conventional expectations. Experts believe that the real estate sector can see a disruption over the next landscape blockchain.

What Can It Do?

A Faster Process

The process to buy a house is a long one and can stretch with additional restrictions by the government. The various checks and riders in place slow down the process thanks to its high demand. Although blockchain has limited power over putting restrictions on sales and legislative decisions, it is a powerful tool for financial verification.

In the current scenario, sellers and buyers undertake third-party verification by using title and escrow companies. This safety net helps ensure that both the parties in the deal honor it and reduce any risk of fraud. 

While such third-party verifications are an integral part of the deal, they can wipe off 1 to 2% of the property’s total value along with additional time. Blockchain's far-reaching distributed database can come into play to replace third-party verification for vouching for the identities of the dealers. Thus, helping to provide a new alternative for escrow companies.

Reduced Fraud Risk

Unfortunately, the real estate industry is rife with fraud. The sector has become a nesting ground for scammers. It has become especially possible due to the numerous steps involved in a transaction process where it is comparatively easy to treat people up.

The advent of blockchain and its popular features, i.e. its ability to provide protection for every transaction and keep track of it through cryptography can be a game-changer. These features also make the blockchain hard to hack and hence reduce the risk of fraud significantly.

Forging every document and information necessary for the transaction, like IDs and requisite property papers, are all possible by the fraudsters. However, blockchain helps bring in digital certification, which marks every single real estate and makes it virtually impossible for any fraudster to sell a property that they are not responsible for or own the rights of.

This system ceases the participation of the fraudsters between the title company and the buyer to steal any funds. Essentially bringing real estate transactions under the purview of blockchain makes the entire system a lot safer.

Rise of a New Player - Deedcoin

A complete transformation of the banking industry took place with the help of Bitcoin. Deedcoin is all set to make its mark and create value for the real estate industry.

This new player on the block helps the new property owners to find their real estate agents in a completely new perspective. Customers have the chance to feed their information in this new platform and not depend on any random 6% commission agent. They can hire or link their local Deedcoin agent at a 1% commission.

The platform does not need you to change your understanding of the market or its operations. Deedcoin seamlessly integrates with the real estate infrastructure that you are familiar with.

Is the commission rate so crucial? Data suggests that US property owners have properties worth $ 15 trillion and may lose $ 900 billion to future commissions. You will no longer need to spend that money with the streamlining and decentralization of real estate transactions. Deedcoin Will help return $ 750 billion to the homeowners through this process.

Not Limited to the US Only

More than $ 200 trillion of privately held real estate across the world can get help from Deedcoin. Fraudulent practices are not only limited to the US. Therefore, blockchain can help provide international power to everyone for a necessary and substantial upgrade.

Fraudulent practices with the use of cryptocurrencies have led to adversities for many people. However, such platforms along with companies helping people with crypto scam recovery can change the sector forever. These companies take care of their entire documentation, essential to filing a legal complaint against fraudsters, and help them put a strong case.

So, as you can see, blockchain can change the way transactions take place in the real estate sector. It can help to not only reduce the dependence on third-party entities but also help save on commissions. However, being cautious during these transactions is always advisable. 

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