The real estate industry is more like a pen and paper kind of business. Previously every record had been kept by writing them down on a paper. Blockchain aims to help nature by reducing paperwork and has plans to lead a revolution.
How Blockchain technology can overcome the challenges of traditional Systems?
1. Trust and transparency: with traditional systems, there are trust and transparency issues but Blockchain technology can verify the information instantly while sharing anywhere.
2. Reducing the number of defective datasets: Blockchain technology is transparent and secure which would help out the real estate industry a lot.
3. Improving the efficiency of transactions: Many real estate sales are still using the costly and time-consuming money transfer process. Blockchain could help them by providing a more streamlined process to reduce costs and improve efficiency.
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Blockchain Applications in Real Estate
There are many areas in real estate where blockchain technology could be applied in an effective and smart way:
1. Property search process
right now, there is no streamlined way by which people can search for real estate to purchase. Usually, people search property by so many property-related third-party websites where property owners put their property-related information. such third-party websites generally have an incomplete report that they have listed. Most of the time the data is missing, not updated, or spread across multiple sites, making it confusing for users.
Blockchain technology can provide a single decentralized database to gather all the information and eliminate these difficulties for users.
2. Helping in the process of the final evaluation
Written documents are still a standard for the real estate world today but having all of them written and verified by a human decrease the efficiency also, it increases the time for the entire process by increasing the overall cost of the process. Using Blockchain technology not only reduces the total cost but also increase the transaction security and lowers manual errors.
3. Management of properties
one of the difficult task in real estate is the management of properties as there are a number of parties involved in The management of all the properties is a very cumbersome and very complicated task to perform, mainly because of processes such as tenants, vendors, and landlords. There is still use of pen and paper to keep the track of all the properties or some realtors use the software which is also having a problem with other software at the time of integration. By using single decentralized app with blockchain technology will definitely help to make this process simple such as a smart contract.
How Much Will It Cost For Blockchain Training In Bangalore?
4. Investing in real estate
mostly, in the world of real estate, the person with a sufficient amount of money takes away the property. The real estate industry generally involves the use of costly intermediators to manage the fund and for the other work, which involves more cost in the entire process and makes it more difficult for an average person to buy own property.
Blockchain technology can help real estate by cutting all intermediator cost making it possible and easy for the middle class person to enter into the real estate.
Blockchain technology is booming day by day and it has its application in almost every industry from banking to the medical. Blockchain is secure and transparent so that no one does the fraud or hack the information. There are many job opportunities available right now in blockchain technology with good salaries.
NearLearn offers the best blockchain training in Bangalore at an affordable cost. We provide online, classroom as well as corporate training on blockchain technology. Our classroom training is also started now for blockchain and all other courses such as machine learning, Python, Data Science, and React Js. If you are interested in learning any course, call us for inquiry +91-80-41700110. visit: www.nearlearn.com
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