An Overview of Blockchain Technology and Indian Real Estate

Blockchains are recorded and distributed accordingly but cannot be edited at all!

Now let's see how Blockchain can revolutionize Real Estate!

Real Estate and Blockchain Technologies

Real Estate, indeed the largest asset class in the world, is not without its share of scams and fraudulent elements. Every day in the news, there's bound to be a report of how the buyers were duped by the agents or the developers. There are even cases of the homebuyers duping the construction agencies as well. And in a country like India, real estate scams have already become the norm.

This is also one of the top/major reasons why the common man just stops after his first home and never thinks of real estate investments. Thus by embracing blockchain technology, trust can be brought back to the sector.

Already technology is indeed playing a great game in bringing the Millenials into the real estate sector, especially in the residential and rental segments, but if the industry needs to evolve and rope in more capital, thereby transcend into a whole new level, like REITs or the similar kind, Blockchain technology should be the new norm.

Advantages of Using Blockchain Technology in Indian Real Estate

As mentioned earlier, various tenets of construction and real estate technology have already revolutionized real estate, and blockchain would be a fine addition to the same. Below are some of the major advantages of using Blockchain in Indian real estate:

• Blockchain provides the advantage of complete trust and data transparency as it allows the data to be seen but can not be tampered with.

• The data will be online as it can be easily accessed by the buyers in terms of real estate property search online.

• The transactions done through Blockchain are cost-free and very fast, solving one of the major issues in the Indian real estate sector.

• You will also have the advantage of extra cost and fraud, as Blockchain has limited use of intermediates.

Blockchain can help Real Estate in various ways. The no-brainer is, that it can initiate smooth, trustable, and efficient financial transactions. The second is that with the rise of blockchain in real estate, the industry can become a whole lot more transparent and thus eliminate many of the scams prevalent in the industry.

Blockchain, once adopted into the current streams of home buying, renting, and leasing can even be upgraded to initiate safer and improve the current property search and selection process, which in turn creates smarter decisions from the customer.

Besides, Blockchain becomes a win-win-win for the trio of buyers-realtors and developer fraternities around as it makes the process more efficient & effective and also destroys the culture of scams within real estate.

Also Read: E Aasthi

So, what are your thoughts on using Blockchain technology in Indian real estate?

We would love to hear from them in the comments section below.