Date: January 18, Number of Replies: 0
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Blockchain post --
Are you in the dark about Blockchain and what it can do for real estate transactions? Well, I am.....but I know a little more after reading this article in the Yardi Corporate Blog -
"Blockchain Explained for Real Estate and Beyond"
As written by Erica Rascon,
"In real estate, the benefits of encrypted and automated ledgers could clearly improve the speed and accuracy of transactions. Blockchain could also eliminate the current mess of time-consuming paperwork that is associated with traditional audits..Smart contracts are a feature in blockchain that expedites real estate transactions while decreasing risks. The automated contracts self-execute when pre-determined conditions are fulfilled. Then, the system automatically creates a record of the transfer that is visible to the public and easily verified. In that way, blockchain cuts escrow costs and wait times. The verification and processing tasks performed by the third party are replaced by software. The procedure that took place over a series of days (or longer) could be completed in seconds.
Sometimes, a third party is needed during a transaction. Realcomm explains how a multi-signature feature allows third parties to sign off on a transaction when conditions are fulfilled.
For example, a third party can process security deposits and refunds instantaneously once the renter and the landlord agree that conditions are favorable. Multi-signature eliminates the time needed to mail checks or wait for balance transfers.
Additionally, "digital ownership certificates" are features that can reduce real estate fraud by preventing false claims of ownership and forged documents. There is much to develop on this topic but the prospects are promising.
The real estate industry is often personified as a late adapter or slow adapter at best. Blockchain has not taken off in this arena-yet. Developments undoubtedly loom on the horizon."
Any Blockchain experts out there who care to expand on this information? We welcome your comments on this exciting concept.