1.) What’s problems can Blockchain solve for the real estate industry?
Some of the problems that blockchain can solve for insurance industry are:
- Lack of transparency -Ownership transfer process becomes seamless and visible to all parties.
- Fraud – One of the biggest problems in the real estate industry is fake properties, which costs buyers millions of dollars every year.
- Slow and complicated processes – Verification, backgrounds checks take up days or weeks.
- Expensive Intermediaries – Brokers, title companies, inspectors, escrow companies, notary publics are examples of expensive intermediaries that will soon be giving way to blockchain.
2.) Why does the real estate industry need Blockchain?
With so many different players in the industry ecosystem (developers, investors/buyers, landlords, renters, and other stakeholders), the industry is in desperate need of efficiency, trust, and transparency.
3.) What are the top use cases for Blockchain in the real estate industry?
The real estate industry has readily embraced blockchain, as it enables property owners, prospective investors/buyers, and tenants to define, manage, and automate their business relations independent of third parties and experts (agents, marketing, administration). Traditionally, the reliance on such industry practitioners has led to price distortions, inefficiencies, and a long and tedious transfer process.
4.) What are the top companies using blockchain to disrupt real estate?
Blockchain disrupts the real estate space providing a more efficient infrastructure for property buying, conveyancing, recording, escrow, crowdfunding, and more, reducing costs, eliminating fraud, speeding up transactions, and making real estate a liquid asset.
- Rentberry, Altant and Be Token – P2P rental and owndership platforms.
- Ubitquity – world’s first blockchain platform for real estate record-keeping a SaaS platform that lets individuals, businesses and municipalities securely store and track properties via blockchain.