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Why You Should Think About Using Blockchain in Real Estate

Why You Should Think About Using Blockchain in Real Estate
Enterprises from various industries are adopting blockchain technology and investing in its implementation as this technology is pretty universal. Blockchain may provide tools that satisfy the needs of any business, including healthcare, gaming, and construction, to name a few. So, it may transform the entire base of the real estate industry.
Particularly, blockchain-powered solutions for real estate may democratize the entire industry, make it available to everyone, and enable swift and secure exchanges at the same time. Blockchain is the wave of the future as it provides solutions that may help businesses get rid of intermediaries, ensure transparency, and facilitate high-speed transactions.

What Main Problems Blockchain Application Solves in Real Estate

What Main Problems Blockchain Application Solves in Real Estate
The commercial real estate industry faces such problems as lack of transparency, inefficient data management, and slow and unsafe transactions. These issues may cause fraud, corruption, tampering, and money laundering as well as prevent industry growth. As blockchain technology matures, it creates more and more solutions that help resolve these issues.
Blockchain allows for using shared secure databases, which means all sale, leasing, and purchasing transaction records become public knowledge. Thus, anyone in the network may access information in real time. To increase transparency, all entities get unique digital identities that cannot be mistaken. Finally, blockchain provides smart contracts for business process automation and high security standards of data encryption.

Blockchain Tokenizes Real Estate

Blockchain Tokenizes Real Estate
Tokenization is the process of turning one’s vested interest in a property or other asset classes into a token. The token is a digital representation of the aforementioned vested interest. For instance, two partners buy an apartment complex and tokenize their equitable interest. Hence, they will receive tokens equal to their ownership of the asset. If one partner invested more, the tokens will reflect the difference.
Once real estate is tokenized, then it may be easily sold, traded, or liquidated using blockchain real estate solutions. This process doesn’t differ from a traditional one when you exchange assets for capital. Nevertheless, utilizing blockchain and tokenizing real estate speed up transactions, make them more secure, and eliminate the need for third-party intervention.

Blockchain Solutions for Virtual Real Estate

Virtual property platforms
We build Metaverse real estate investing platforms that allow users to buy, trade, and exchange virtual property for other assets and build and monetize their own property.
NFT real estate marketplace
We develop marketplaces where users can enjoy an entirely new property purchasing experience and easily buy and trade property as virtual real estate NFTs.
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Property trading platform integration
We can integrate a property marketplace, digital wallets, and crypto exchanges into your virtual venue or video game so that you could boost your virtual environment.
Crypto wallet integration
We help virtual property marketplace owners integrate digital wallets for providing secure storage for property tokens and enabling instant property purchases.
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KYC blockchain integration
We integrate custom blockchain KYC modules into virtual real estate platforms to provide you with customer identity, data verification, and fraud detection solutions.
Web 3.0 development
We build decentralized apps and platforms for the construction and real estate industry or integrate advanced features with existing solutions to boost performance and data security.
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Metaverse property
We help you create metaverse property which enables carrying out property tours, interior design, and other activities and executing them with smart contracts.
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Blockchain development
We develop custom blockchain solutions that are designed to solve your unique issues. Our blockchain solutions will help you transform the way you do business.
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Blockchain consulting
Our blockchain consultants will help you understand how blockchain can benefit your real estate business and offer you the best solutions tailored to your needs.
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Security and control over transactions
Use blockchain to reduce the risks of fraud, get rid of third-party involvement, streamline payments, and improve the security of real estate transactions.
Property and real estate tokenization
We help you tokenize your real estate so that you could turn its value into a more liquid form, easily trade it online, raise capital via property-backed tokens, and more.

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Benefits of Blockchain in Real Estate

Tokenization of real estate assets
Tokenization of real estate assets
Real estate tokenization allows users to control and monitor ownership rights, comply with regulations, easily purchase and trade assets, etc.
Real estate becomes a liquid asset
Real estate becomes a liquid asset
When investors and property owners tokenize their real estate, they make the whole asset more liquid as they may get money for their property almost instantly.
No need for intermediaries
No need for intermediaries
Blockchain allows us to omit the validation of the intermediary with a due diligence process to facilitate transactions in the industry and make the entire process faster.
Automated transactions
Automated transactions
Blockchain allows you to perform various transactions without the need for meeting other parties in person and trigger the following events when the predefined conditions are met.
Reduced costs from process automation
Reduced costs from process automation
Blockchain eliminates the need for third-party involvement as it connects all stakeholders and automates business processes, so you do not have to pay fees.
Process efficiency for underlying industry operations
Process efficiency for underlying industry operations
With blockchain, it is possible to automate numerous processes such as rent collection, ownership rights transition, tax payments, and dividend payouts.
Access to global asset distribution
Access to global asset distribution
Real estate tokenization reduces the threshold of entry to the industry. Thus, sellers get a flexible sales tool, while buyers get access to numerous offers globally.
Access to broader investor pools due to ownership fractionalization
Access to broader investor pools due to ownership fractionalization
With blockchain, it is easy to divide a property asset into multiple parts. Hence, users with limited budgets can make small investments and get guaranteed profits.
Access to secondary market opportunities
Access to secondary market opportunities
Blockchain increases connectivity between virtual assets and associated networks, which bolsters secondary market opportunities and boosts the liquidity potential.
Data accessibility to increase transparency
Data accessibility to increase transparency
All records in the blockchain are always available to all network participants, which results in increased transparency and reduced risks for all parties.

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Blockchain technology has big implications for these people

Property developers
Property developers
Blockchain helps streamline the fractionalization process and create a wider net for prospective investors. Sponsors of the development project may solicit contributed capital from investors outside their circle of contacts without the need to inspect them and complete heavy loads of paperwork. With blockchain, it is easy to record all data, sign smart contracts, and hold briefings and updates for all interested parties.
Blockchain technology enables the secure storage of all engineering plans, architectural documents, appliance manuals, and more. Hence, the data will always be available to all parties involved in the development project, which causes time and cost reduction and allows developers to emphasize the project’s actual development.
Property owners and investors
Property owners and investors
Potential investors and property owners may buy real estate without the need to worry about data corruption as it is almost impossible with blockchain technology. Thus, they can be sure that the legitimacy and price are precise and transparent when investing in property.
What’s more, the tokenization of real estate, or converting its value into crypto, disrupts the industry. However, liquidation makes it easier for prospective buyers and investors to enter the market. Hence, sellers do not have to search for a buyer who can afford the entire property to get returns on their investments.
Residents and tenants
Residents and tenants
Renters may have a better leasing and living experience since blockchain technology allows them to take virtual tours, sign leases with smart contracts, make maintenance requests, and submit rent payments. Blockchain secures all these processes. Therefore, all the interested parties know that the personal information is encrypted, identities are verified, and property listing is legitimate.
Moving across the country and the world is an easy task thanks to blockchain technology. For instance, you can rent an apartment in New York and negotiate deals from Osaka without the need for going outside because blockchain breaks down geographical barriers and prevents data breaches.
Property managers
Property managers
At present, property management is not about simply applying a fresh coat of paint or upgrading household appliances. A lot of the job calls for processing paperwork, whether for maintenance requests or lease agreements.
All the paperwork turns into smart contracts that are almost error-proof when you use a single decentralized property management system. Blockchain-powered systems provide complete and transparent information on tenant and property history, rental value, payment frequency, and contractor agreements.

FAQ

What is blockchain development for real estate?
Blockchain is a decentralized digital ledger. Decentralization means the ledger exists on multiple computers at the same time. It is a chain of blocks that keeps data records with a unique hash value. It protects records from fraud, tampering, and hacker attacks. Developing applications and platforms for the construction and real estate industry using blockchain technology is called blockchain development for real estate.
What are the use cases of blockchain in real estate?
Blockchain is mainly used to tokenize real estate equity or debt for consumption or investment and make all industry transactions more transparent. Also, it is used to manage assets, real estate funds, and property; secure loans and mortgages; sell, register, and reassign land and property; create urban plans, etc.
How much does it cost to develop a blockchain solution for construction and real estate?
There is no standard method of calculation for estimating the price of blockchain development for the construction and real estate industry. The final price is calculated individually as it depends on multiple factors. They are the feature set, the solution’s complexity and its type, the number of stakeholders interacting with the application, the hourly rates of blockchain developers, and beyond.
What languages are used for blockchain development for construction and real estate?
We use C++, C#, Go, Java, JavaScript, .NET, Python, Rust, Solidity, and other reliable technologies.

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