The real estate industry has been in existence for many decades, and yet never really evolved. But today we can see signs of change as blockchain technology becomes relevant to the market sector. Blockchain technology allows for significant improvement in the real estate industry by making it more efficient, cheaper, and decentralized.

Blockchain is Changing the Real Estate Industry

By: Ofek B.   |   07-27-2022

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In summary

The blockchain revolution in the real estate industry might seem like something in the distant future, but in fact, it is just around the corner. Given the improvements it offers the sector, adoption seems inevitable.

Cutting down the costs

Real estate is a cumbersome system because deals are presently brokered by lawyers, accountants, and bankers.

Cutting down the processing time

Blockchain is able to simplify the process by using a smart contract. With this system, the entire business process will be managed by the seller, the buyer, and the authorities. Blockchain immediately saves money, reduces the processing time, and removes red tape.

In addition to saving time and bypassing bureaucracy, blockchain can cut down on hard costs. Buying real estate is expensive, but without the use of intermediaries, commissions are reduced and even done away with completely. Buying property becomes cheaper for the average person.