While the entire world is taking an overturn in trends toward blockchain, the real estate hasn’t been spared by the blockchain wave either. High value assets like land and real estate being handled through online mode has never been the standard earlier. Real estate transactions are often conducted offline involving face-to-face engagements with various entities. Blockchain, opened up approaches to change this. The presence of smart contracts in blockchain stages currently permits resources like land to be tokenized and be exchanged like cryptic forms of money like bitcoin and ether. For the Indian real estate sector, blockchain can harbour engagements that offer speed and transparency. Transparency would open doors for accountability and keep the contract binding in nature.
With blockchain, transfer of a property would turn into a straightforward procedure. The primary owner is simply required to ‘reiterate’ the archive in the blockchain to demonstrate the exchange of title of the land to the new proprietor. The exchange procedure as of now takes weeks/months, a ton of administrative work and an extensive handling expense. With blockchain, this exchange will barely take two or three seconds.
The real estate industry experiences an over-dependence on different middlemen like brokers, banks, notary, registration officers, and so on. These mediators hold key data that isn’t accessible to the layman. Blockchain, as a decentralized medium would help welcome this data on to a common stage and empower its re-distribution, in a manner guaranteeing that the data is transparent and consequently, accessible to everybody.
Smart contracts dependent on blockchain can ease redundant and repetitive agreements like rents, deposits and instalments by mechanizing them. The open-source nature of these contracts guarantees that agreements are executed as directed by the source code. These contracts, consequently, are programmed, transparent and once executed are irreversible and unalterable along these lines guaranteeing high certainty among clients.
They say governments are the last to recognize innovations, so can be the case with the Indian government as well. But blockchain has been monitored by the authorities through interaction with the industry, fostering its entrepreneurs and regulating it. There is no doubt around this technology and this once fad amongst college kids, is soon going to be forever changing the face of business as we know it.