Over the past couple of years, there has been a lot of discussion about blockchain and its potential to revolutionize a number of different industries. We have witnessed numerous companies racing to make big developments in the world of finance, healthcare, and supply chain management; but while these industries dominate the headlines, there are also a number of other industries that are silently shaken up.
Real estate, for example, is one of the industries witnessing major changes, and is predicted to be worth a staggering $4,263.7 billion by 2025. It’s hardly surprising that it’s receiving so much attention from big companies such as Deloitte.
The Role of Smart Contracts in Solving Real-World Problems
One of the most prominent features of blockchain technology that has so many companies excited is the advent of smart contracts.
Smart contracts are self-executing contracts, where the terms of the agreement between the buyer and seller are written directly into the code. Once you understand how smart contracts work, it’s relatively easy to understand why their implementation in the real estate industry is so useful.
Smart contracts have the ability to provide substantial improvements and advancements in commercial real estate markets by transforming how the way a number of property transactions, such as sales, purchases, leases, and general management, are carried out. However, the biggest way they can disrupt the industry is through the elimination of middlemen. This drastically reduces fees, and ultimately allows both the buyer and seller to get a fairer deal - completely revolutionizing the real estate industry.
The Top Blockchain Real Estate Projects Right Now - What Are They Trying to Accomplish?
Rentberry - the Decentralized Home Rental Platform
Rentberry is a decentralized home rental platform that is designed to unite tenants and landlords. It allows them to work together to negotiate a price. The platform also automates all the standard rental tasks, such as submitting personal information, making offers, eSigning rental agreements, and sending maintenance requests.
Unlike other bidding platforms, where offers are hidden from other participants, Rentberry is fully transparent. It allows everyone to see the number of people who have also applied for the property, as well as the offers they have made, ultimately allowing them to make a fully informed decision.
Dreamblock - Real Estate for Everyone
Like many other blockchain real estate platforms, Dreamblock that creates and manages micro fractions of economic interest in an asset. Using blockchain technology, utility tokens, cloud computing and mobile technology, Dreamblock makes it possible for real estate asset managers to create their own fractional investment products - without needing any knowledge of the underlying technology.
UBITQUITY - the First Enterprise-Ready Blockchain-Secured Platform for Real Estate Recordkeeping
UBITQUITY is a Software as a Service (SaaS) platform that allows users to transparently capture and track property records. It is designed to replace the current legacy paper system and ultimately make title searches faster and more efficient.
When transactions occur, all relevant information about the property will automatically be recorded on the UBITQUITY’s private platform; then a hashed record will be automatically uploaded to the blockchain.
This platform is the first of its kind in the industry. Ultimately, the team aims to increase confidence and transparency within the rental industry.
Just the Beginning...
We’re still in the very early stages, so many of these startups are still in the trial-and-error phase. There is no doubt that blockchain technology - and in particular, smart contracts - is acting as a catalyst for what will ultimately be the full digitization of a large number of industries.
Hopefully this is just the beginning of a more secure, more transparent real estate industry.