Blockchain could have a major impact on the real estate industry. The real estate giant has entered into several partnerships to explore the world of blockchain.
Blockchain technology offers a type of shared record keeping which is designed in a way which makes it difficult to tamper with. It operates through a decentralized peer-to-peer platform and builds resilience against the spread of corrupted information. This boosts the resistance to fraud. Blockchain in real estate India could be benefited a great deal.
Blockchain can fight off the following challenges and improve the real estate in India:
- IMPROVING TRUST AND TRANSPARENCY: Blockchain technology offers a censorship resistant option for sharing information and can be verified as well. This information includes valuation details. Many real estate companies these days do not provide you with the valuation information, this causes a sense of distrust in you. To avoid any trust issues and be more transparent with the clients, real estate needs to implement blockchain.
- REDUCING SOLOED DATABASES: Real estate processes would benefit from tamper resistant and secure databases. Blockchain can compile data and documents from different stakeholders in one place. Instead of running around to find the data you need, with the implementation of blockchain, you will not have to put in much effort in finding the data you require. This will also make your documents more secure and it is difficult for anyone to tamper with them. When your customers know that their data will be secure, your business could improve a great deal.
- MAKING TRANSACTION PROCESSES MORE EFFICIENT: Most of the real estate transactions are still conducted with the help of wire transfers which need costly verification processes. This usually takes days to complete. With the help of blockchain, transactions could enable a streamlined process which will delivery quickly and at reduced costs. Real estate blockchain, India will change completely. Blockchain will ensure that your useful time is not eaten up by wire transactions. The blockchain technique will streamline all your transactions and make them more efficient and it is easier to use and handle.
- LIMITING THE USE OF INTERMEDIARIES: Intermediaries from brokers to escrow companies are rendered obsolete by block chain technique. The records are verified, transferred and stored using blockchain which eliminates the need for intermediaries. This means that you will be cutting costs as well. Not only will you be reducing costs, you would be saving a lot of time as well. People who manually verify the records are also prone to making errors, such errors could easily be avoided with the use of blockchain implementation. You will not have to worry about the processing and transferring of data anymore.
TO SUM UP
The blockchain technique could change the dynamics of the real estate world in India. With the added bonus of cutting costs and making the business efficient and fast, there would be a number of customers lined up to invest in your business. You will be able to focus on these new customers.