“The block chain is the biggest opportunity we can think of in the next decade.” – Nasdaq CEO Bob Grafeld
Industry experts pointed out that block chain technology will eventually make changes in all fields. So far, we have seen undeniable evidence in the fields of finance, games, logistics. At the same time, the impact of block chain technology on the field of real estate seems to spread quietly.
The impact of technology on the real estate industry is not as subversive as the effects of other industries. Compared with other industries, the impact of the Internet revolution on real estate is not large, and the block chain technology is also the case.
However, ordinary people can realize that there are some paradigm transformations in the middle of the past. Therefore, this paper will explore during the line of news and communities, and further details the roles of the block chain technology in the real estate field.
Synergistic effects between block chain technology and real estate
Block chain technology has existed for a while. However, this technology has formed an industry until 2009, and this is due to Zhongben. Everyone knows how Bitcoin is formed, which inspires the generation and development of existing more than 2,000 CRYPTOs.
The emergence of Crypto redefines the global financial system to add additional payment options for international business. Thanks to Crypto, the transaction is no longer limited to statutory currency. Instead, users can now pay for companies that can accept CRYPTO as payment currency using Crypto.
Payment and remittance need to introduce zoom chain technology into real estate. The first transaction in this type of payment is the 2017 Texas property purchased by Bitcoin.
After that, some other small or large real estate purchases have started using bits. So far, the largest real estate transaction in Crypto is a building in Miami purchased with a $ 2.2.5 million bits.
Interesting to these news value is that the most important synergistic effects between block chain technology and real estate is intelligent contracts. More and more buyers want to buy a house with Bitcoin, the current boom is only one of the icebergs. The potential part of the zone chain-driven block chain-driven block chain in the real estate industry is a true key part.
Intelligent contracts aim to simplify complex transaction processes, we can deploy them in a variety of ways. Some of them include price negotiations, ownership transfer, etc. Early signs of collaborative role between block chains and real estate indicate that the development of the industry will have a huge transformation in the next few years.
District block chain concept will affect the real estate market
Not all concepts related to block chain technology will directly affect the real estate industry. For example, it is difficult to see what the NFT itself exists in the real estate industry. However, other concepts such as intelligent contracts, metacularity may play some important roles in the real estate industry.
The intelligent contract is a program that is developed and maintained on the block chain. Thanks to this technology, the complex processes in the transaction become simple. In addition, the intelligent contract also promoted the barrier-free communication between the buyers and sellers.
The advantage of intelligent contracts is their automatic execution capabilities. Therefore, items that use intelligent contracts do not require administrators, because the rules and conditions that need to be followed in the intelligent contract.
The Yuan Universe is a virtual and enhancement reality built on the block chain.
Before the metamoroid is fully implemented, VR is an important means to connect real world and virtual land. With the first universe, people can perform activities such as real estate visit, interior decoration, and then perform it immediately through intelligent contracts in all necessary channels.
The Yuanhe Universe combines different functions, and eventually brings extraordinary experience experience. In addition, this experience has now been well utilized in the game.
For those who lack new economic knowledge, virtual real estate quickly become a ridiculous thing. With virtual real estate, users can have digital land and sell free.
However, in addition to watching the experience, we can only wait for the intercourse of the universe real estate to be associated with entity real estate. One of the block chain projects focusing on this area is DECENTRALAND.
If you have heard of the block chain technology, the first understanding may be about its detrimentary concept, and the design of block chain technology eliminates the central organization. For example, for the financial service industry, the block chain eliminates the bank as its main body.
Traditional real estate industry has several participants, banks, lawyers, etc., but when the use of block chain technology is mainstream in the industry, all participated characters will be affected. This means that the real estate agent will be eliminated.
In this way, due to direct communication and interaction, the buyer will get more value from the transaction.
In addition, the detrimentary nature of the block chain also interprets its superior security. If the zipper chain technology succeeds in the real estate industry, the transparency and inability of the data will increase the quality of service in the industry.
The generalization of the real estate industry will help the ownership of ownership. Therefore, the communications may help users have some real estate.
Prerequisites of maintenance and leasing are reflected in collective decisions. However, this has a disadvantage that the owner of the property is only unable to use the property as a collateral to obtain a loan. Block chain technology in real estate
There are currently some companies and sellers to accept Bitcoin as a payment method. However, in addition to the property of Bitcoin paying the property, there are some other cases.
Asset Management and Real Estate Fund
The generalization of real estate means digitizing securities, alternative assets and other financial instruments. For example, build an intelligent contract on the Email, you can redefine the assets to customize the configuration.
We can program digital assets that include ownership, trading history, and other regulations based on transactional characteristics. Therefore, there may be a standard for each scene.
In addition, the generalization reduces the operating costs required to create and issue while exchange assets.
Large-scale management property is very invalid. Therefore, data sharing of the block chain is required. After accurate deployment, the block chain will be able to achieve:
Simplify the process of renting and payment to the owner; due diligent investigation.
Many times, in the process of community planning, real estate development has been ignored. Typically, when this occurs, it means that the project may be inappropriate. However, when deploying in the block chain, the overall planning, infrastructure function, educational resources, feedback cycles and other incentives to communicate-based power are simplified.
Therefore, these measures have become easier to promote community development on the same level. On the other hand, the personal project owner can integrate the plan of the community into their project. In doing so, property value, perception, and sustainability can be improved.
The impact of block chain technology on the real estate industry is still developing. However, a few years later, based on the current large amount of innovation, we can definitely say that the block chain technology will re-enhance the real estate industry.
“There is always one day, everything will be labeled and connected through the block chain.” – Paradigmcrypto Exchange, Coinbase Joint Founder Fred Ehrsam