One an argue that the ongoing madness for mass investment into Cryptocurrencies like Bitcoins and implementing the goodness of blockchain technology into different sphere of lives has died. Yet, the two terms did not fade out from the human civilization completely and is highly unlikely such an occurrencewill ever take place in the future. The new horizon painted out by the blockchain technology and also the entire concept of investing in cryptocurrencies has opened roads to explore. Only if the highly volatile market for bitcoins and others can be regulated? Such a possibility can ever exist now or the near future is obviously a different topic for discussion. The focal point here is whether real estate sector has also come under the expanding influence of blockchain and cryptocurrencies like Bitcoins or not?
Looking back into the period when bitcoins were worth less than even a cent at the time of its release in the year of 2009. Then one of the most profitable investment was Real Estate and Indian people prefer to invest in Residential Property in Noida or Apartments in Noida by their own saving money or through loan. It’s status was slightly elevated to a value less than a dollar when bitcoins was gradually entering the mainstream sometime in 2011. Considering this fact here, all the early investors who managed to convert small sum of government-backed currency into bitcoins initially are practically millionaires now.
Now, speaking from the point of view of the blockchain technology, the very algorithm on which it is constructed signifies the imperativeness of implementing it into different sectors especially the real estate one.
Blockchain technology is a digital ledger to record all e-transactions made with cryptocurrencies like Bitcoins in the complete absence of a central authority like banks. Recording, safeguarding and managing ocean of data on a daily basis is quite a cumbersome task. This is exactly what happens in the Property business around the world. Technology similar to blockchain can be the ultimate answer to resolving many complexities here.
Therefore, highlighting few points to solidify the belief that both Bitcoins and blockchain can ultimately disrupt the entire real estate sector:
Firstly, in real estate business, reduced legal and other costs as well as speedier settlement process is of high demand. This two factors can be realized only through accurate implementation of blockchain technology. This technology transfers assets across the digital network in the complete absence of centralized authority. Absence of middlemen cuts down extra fees chargeable and triggers faster transactions.
Eliminating the involvement of third-parties is another reason why blockchain technology can be a major part of this sector in future. Purchase or sale of huge properties cannot take place in the absence of a train of agents and other middlemen, not to mention the endless paperwork involved in processing the sale of a property. However, blockchain technology allows safe transfer of funds, property titles and data across a peer-to-peer platform that is nothing but digital and open-source. The entire transaction process speeds up and the cost comes down hugely. And the best part is that this technology facilitates frictionless monetary transaction across globe and devoid of currency conversions.
That is the second important point raised here.
Amidst all these discussions, the safety and security of the data cannot be undermined. Land records can shift their concentration entirely on immutable online ledger of blockchain. This technology diminishes the possibility of counterfeit paper documents and indulge in forgery. Any type of data can be stored here without the fear of them getting altered or misrepresented. It will be in the public view and alteration or omission of entered data becomes impossible.
Finally, there is a concept of smart contracts. But this term arguably has been into existence since 1990s and definitely not a gift of modern technology. Yet blockchain and other similar technologies can safeguard such contracts digitally. If you going to invest property in noida extension then you can contact Investor Homez for Bitcoin transaction mode
“In September 2016, Deloitte made a strategic announcement for the launch of a pilot project to register rental transactions via blockchain in association with the City of Rotterdam and the Cambridge Innovation Center.”
Considering the few points placed forward in this article and many others not mentioned here, the only thing that can be said is the future of real estate is ambiguous.
Blockchain and bitcoins are just a speck in the ocean of technology revolution. Concepts such as Internet of things and others will also spread their wings across different sectors including real estate. It is for sure that cryptocurrencies like bitcoins and blockchain technology is the advanced step to be taken by the pioneers of realty sector. The future can be a complex amalgamation of other inventions. Only execution will reflect the true immensity of such implemented technologies. Else they remain nothing more than Grandmother’s tales.