5 Important Real Estate Projects Running On Blockchain
The global blockchain market is constantly evolving with a current market value of approx 3 billion US dollars. Much new software is being innovated to mainstream technology into business functioning. Not only does it provide blissful customer experiences but also unleashes the profit-generating capacity of businesses.
With the efforts of Blockchain Development Company, the technology has enrooted into the real estate industry with more and more use cases coming day by day.
Reading this article will educate you about the implications of blockchain technology in the real estate industry. Moreover, it will also give a detailed insight into the top 5 Real Estate projects that are running on the blockchain.
Blockchain use case in Real Estate
Blockchain as a technology is consistently evolving, and it has broadened the scope of its application to the extent that it has swiftly penetrated the real estate industry. Scroll below to discover some of the use cases of blockchain technology that is revolutionizing the real estate sector-
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Tokenization of Real Estate
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Dividend Payouts
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Voting rights for token owners
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Enhanced liquidity
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Tokenization of Real Estate Investment Trust
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Sales Optimization
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Infusing existing documents with smart contracts
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Optimizing the role of middlemen
Blockchain Real Estate Companies
Below mentioned real estate platforms practice over blockchain technology to streamline their working while maintaining the highest security standards.
=> PropertyClub: PropertyClub is one of those real estate companies that have revolutionized their working by integrating blockchain technology in their practices to market, buy, invest or sell properties. The company uses smart contracts to manage its transactions using cryptocurrencies like Bitcoin or their patent PropertyClub Coin.
=> ManageGo: This firm is utilizing its blockchain network for rental property owners. The number of operations that it owes to blockchain includes conducting background checks, process payments, and managing maintenance tickets. The Distributed Ledger Technology helps service providers to process, disburse, and retrieve with utmost transparency by peeking into the renter’s background history.
=> RealBlocks: RealBlocks uses blockchain technology to innovate new ways of investing in its real estate business. It encourages the client, or say, the buyer, to purchase segmented shares rather than purchasing the complete ownership of an asset or portfolio. The concept of tokenization further helps to provide more liquidity, enhances the processing, and reduces fees, all adding up to clients’ interest.
=> Meridio: An astonishing aspect of Meridio is that it transforms individual or commercial properties into digital shares that attract a whole new range of investors to invest and trade. Some of its sheer advantages are its lower transaction fee, automated payments and reporting, and validation of each transaction for better security.
=> SMARTRealty: SMARTRealty uses smart contracts to maintain real estate operations, like managing property purchases and managing records of rental agreements. Its working is based on meeting the protocols, which if in case fails, then the entire contract gets dissolved. Moreover, the platform also promises to be time-efficient and helps in getting you the right tenant in the shortest possible time.
Why Blockchain?
There can be many postulates about blockchain being beneficial for the real estate industry, out of which we will be emphasizing the ones that are the most basic of them yet the most important.
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Decentralized ledger: The decentralized character of the blockchain network is the most appreciated amongst many sectors, including real-estate. Unlike the traditional methods that involved a lot of paperwork that too kept confidential, the integration of blockchain has not only replaced the piles of papers with digital records maintenance but also promises to store it in a decentralized format with easy accessibility of all the parties that are involved in the network.
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Immutability: Another important factor that is appreciated about the blockchain is its immutable format that involves a high level of encryption, making it almost impossible for any system to change the data once it is stored. Even if any changes are to be made, it demands to unwind the associated blocks that require the mutual consent of all the involved participants.
Blockchain is the future of Real Estate?
It would be too early to comment on whether blockchain technology will be able to establish a stronghold in the real estate business or not! However, it all depends on the rate of adoption of the technology and the extent to which it blooms in the coming time.
Looking at the present scenario, there are a lot of examples in which the real estate companies have integrated the technology into their functioning, inspiring many other competitors to hire dedicated developers into their real estate business applications.