Many industrial sectors have revolutionized digitally to become at par with the fast-evolving tech world. Blockchain technology is one such invention that has brought to the drastic halt of some of the financial services and payment modalities plus investment options that had been in use in the past. Foreign exchange, as well as remittances, has been impacted. Real estate as an entity has not been left behind either.
In the past, it was uncommon to find people who were interested in investing in real estate completing their transactions digitally. The notion was that digitally performed transactions were extremely risky, revealing and investors would also feel exposed and less in control. Taking into consideration that real estate engagements usually involve fairly long-term agreements with very high value of assets. Traditionally, real estate operations entailed face-to-face engagements between the concerned parties. Currently, THINK REALTY while explaining investment strategies, clearly gives tangible reasons why you should sell your real estate for cryptocurrency.
And as such, with the incoming invention of blockchain technology, real estate has not been spared. Instead of dealing with real-time assets like high-end buildings and land, their value is converted into cryptocurrency tokens and then traded against on the crypto trading forums. In the blockchain platforms as well, there is the introduction of what is called smart contracts.
In smart contracts, the terms of the agreement between the buyer and seller are indicated in the lines of code, the code itself decentralized in a blockchain network. Smart contracts permit trusted transactions and agreements to be carried out among desperate, anonymous parties without the need for a central authority, legal system, or external enforcement mechanism.
The invention of the blockchain
Let us now look at ways in which blockchain technology has altered operations in the world of real estate.
In the past, we have had intermediaries performing delegated tasks on behalf of the buyer and seller. We have had the banks, lawyers, and even pure brokers existing in the world of real estate. But looking at the future of the real estate, blockchain technology may alter these operations in a way that both the buyer and seller are able to realize their maximum earnings and value since commissions and service fees are eliminated. Furthermore, the whole process is shortened much. And with blockchain, it is even super-fast. With Bitcoin Circuit, your investment is secure, private, and steady. The software is designed to work in auto mode, with accuracy and technology blended into one.
Trust and security move hand in hand. Previously in real estate engagements, security of assets or even funds would not be assured especially in instances where either buyer or seller breaches the contract and sets the other on a losing end. This is not possible with decentralization in blockchain technology where all parties involved are able to access coded information and contracts stored therein. This would ensure lessened cases of fraud from either party.
To trade in real estate previously required that all the needed funds be paid upfront for a buyer to claim ownership of the property. But with blockchain technology, something called fractional ownership comes into play. This is whereby ownership of the property in question is allowed by buying the tokens bit by bit. It means that many proprietors can own an asset jointly without much ado, and in case of need, sell the tokens to someone else who automatically becomes a shareholder to the said property without much ado. In practical real estate management, this would be a farfetched dream, because the transfer of ownership would mean processing the necessary documents to show a shift of ownership from investor A to investor B.
