Reshaping the Real Estate Industry Using Blockchain

Abstract

The advent of blockchain technology has been set to revolutionize the real estate industry, and the potential changes are already taking its shape. The real estate industry is one among the top global sectors that is driving the economic growth of any country. The growth of this industry is well complemented by the growth of the corporate environment, demand for office space, industrial plots, urban housing accommodations, agricultural lands, etc. However, the existing world of real estate is complicated with the lack of transparency in its transactions such as leasing, purchasing, and sales and fails to attain the level of confidentiality and authenticity of operational data. Several aspects of its operations such as property sale prices, sale history, lease rental rates, market valuation, and so on expect greater demand for transparency, data integrity, and security—a trusted environment. As a result, property-related information can be made available as digitized information and hosted as decentralized database of records on distributed systems with lesser incidence of fraud and inaccuracies. The possibilities of mutual delusion and concealment during the sale, rental, and lease processes can be eliminated, thus achieving digitization of real estate ownership. Everything from making real estate investment decisions to choosing investment properties, blockchain can become a common practice by incorporating its wide benefits. This paper aims at revamping the tedious, paper-based, time-consuming system of ownership and renting into a next-generation digitized system based on blockchain technology.