Blockchain was introduced to the world in 2008, along with its noisy tenant, Bitcoin. It’s a public ledger, and it was initially created for operations with cryptocurrencies. Yet, blockchain is much bigger than that now, and it’s an essential tool for many trades, from healthcare to the food supply chain. The real-estate market was also impacted by blockchain. Learn more here.
Building Blocks
The real-estate market has found a digital place to call home. Two main features make blockchain helpful for this niche: DLT and MLS. The first abbreviation stands for Distributed Ledger Technology, and the second one is Multiple Listing Service.
DLT makes the market transparent and cuts costs, expediting contracts at lightning speed. MLS databases can be easily stored on the blockchain and made available to interested parties. Thanks to DLT and an improved MLS, blockchain can store information about agents, websites, and listings. Because there are so many daily transactions in this market, such a tool became indispensable.
These are the same traits that make this technology so useful for so many different branches. Besides, cryptos do nothing but rise, and there are more crypto operations now than ever before. So, even if a company doesn’t apply this technology in its business, if it trades with cryptos, somehow, it depends on blockchain. It goes for countless online retail brands and in the online gambling world, with sites like the casino.netbet.co.uk platform a good case in point.
Breaking Blocks
Blockchain is making waves in a market once dominated by in-person interactions. Probably, no one would have thought about buying a house online a decade ago. Here’s how blockchain has changed this market’s landscape.
Blockchain allows houses to be tokenised, which means that properties can be bought and sold more quickly. Platforms like ATLANT allow sellers to tokenise their properties and sell them in shares, like in the stock market. These tokens can be bought and liquidated very much like regular stocks. This process allows buyers to own fractions of the house, which is a win-win situation for sellers and buyers.
Houses are pretty expensive assets, and selling a whole property can take ages. The buyer doesn’t need to wait for the whole amount before buying his share. Meanwhile, owners can profit from their properties quicker. These tokens can be exchanged with fiat money at any moment.
No Blocks Between Users
Blockchains are decentralised systems where users control every operation. It means that blockchain operations can do without intermediaries. This technology can safely handle contracts, listings, and payments. So, lawyers, brokers, and banks are being dispensed from some of their traditional roles. The decentralised nature of this technology allows users to cut costs with fees and commissions. It also makes the whole process much more straightforward.
Future’s at the Door
Blockchain-based real-estate operations are already a thing. The St. Regis Aspen Resort, in the United States, has created its token, the “Aspen Coin”, raising USD 18 million with this move. Financial transactions of great volume are no longer taboo in the online retail market. The real-estate environment indeed welcomes such change.
