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Developing Blockchain App for the real estate industry

by - October 17, 2018

Blockchain is considered to be ‘distributed digital ledger’. It helps to record chronologically all transactions made through cryptocurrencies. It also tracks efficiently both intangible and tangible assets. Basically, blockchain is stated to be a decentralized database that is hosted simultaneously by computers in millions.

From auditing smart contacts to implementation of cryptographic algorithms, blockchain app development has been gaining a better and quick grip over diverse industries. Hackers will not be able to get access to any transaction or information because of its distributed model. Hence, the hacker is in no position to change or corrupt any crucial data of the business.

Blockchain in real estate industry

The real estate industry is stated to be dynamic in nature and has its own ups and downs. There are several activities involved like identifying and selling properties, identifying clients, tracking location, updating inventories, etc. These activities are all interlinked with each other. Otherwise, if not interlinked, the activities will be hard to manage.

Closing deals in record time

Blockchain app development firms do ensure digitization and reinvention of real estate industry with the development of an application. Brokers and agents can now have better access to their customers and can close the deal quickly.

Avoid fraud

This technology has only made transactions more efficient, reliable and faster and also prevents frauds in all form, which was otherwise prevalent in this industry, like any other industry. For decades, recording and managing lease, purchase and sale contract, etc. were considered to be expensive and labor intensive job. But the entire real estate ecosystem has been streamlined by blockchain technologies, thereby making the process much more reliable and faster. It allows people to efficiently and securely share money and data, without worrying about any middleman intervention, thereby reducing risk of fraud and thefts.

Advanced security

Based upon customization need of any type of industry, blockchain in ecommerce does develop apps which can offer advanced security level, to generate a network to verify and trace transactions prior to getting recorded chronologically. No trust is required between two parties during transaction to conduct business with blockchain. Now, it is possible to share securely consumer financial related information with other parties, since every user is provided with unique identity on blockhain through cryptography. This way, unless the transaction has been completed formally, no funds will be released to any person.

Instant transfer of title records

The other decentralized aspect associated with real estate selling and buying process is the title record. Usually, they are held at country courthouse and contain liens, encumbrances, lists and other aspects related to real estate. Such information remains local and offline. Using blockchain app development, it becomes possible to transfer and track property titles process. For the whole country is used central-record title database to access and store title records, thereby allowing instant transfer of property title sale. It is regarded to be speedier, trustworthy and secure process to sell and buy property.

In short, blockchain app development does assure more opportunities to the real estate industry, making it more accessible and centralized

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