BlockchainHelp Real Estate
Who has not been deterred by the mountainous paperwork that accompanies real-estate transactions, replete with the stress of complete exposure to fraud? Imagine having to wade through so many documents, confirming their authenticity and tracing the history of the property, to ensure that it is free from encumbrances and actually vests with the owner!
Blockchain can help in 3 key areas:
Secure sharing of information: By making possible a shared nation- wide database, blockchain can help disseminate all property information in real time. Currently property-related information is highly compartmentalised, often out of date and difficult to access. Blockchain can help overcome these obstacles.
Record of property title: Authenticity of title deeds is always a major concern prior to any transaction. Using blockchain, a central title database can be created for an entire country i.e. the information is stored securely and can be accessed instantly. So, you can review historical title records and easily verify title transfers. This can help combat land grabbing.
Increased transactions security and efficiency: In a real-estate transaction, you don’t really know the other party (buyer/seller). Imagine having to share your financial information with them! On a blockchain, each user/party can have a unique identity (encrypted), securely share information and transfer funds to be released only once the transaction is actually complete. By removing intermediaries and lessening the chance of fraud, transactions will be far simpler and safer.
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