How a ‘Packers house’ shows the benefits of blockchain and real estate
Blockchain technology is changing our world today. We see more industries embracing it because of the cost savings, the efficiency, and the trust that is built into mathematics more than people.
Commercial real estate has a lot of benefits that it can receive from using blockchain. One example comes in the form of the use of smart contracts, which make sure that no party can interfere with what was agreed upon.
The mechanics of the transaction are not alterable and can only be changed with a new agreement. This helps to facilitate transactions faster on the commercial side, where trust previously required payment to third parties.
In commercial real estate, you might have multiple parties that might need to make changes: buyers, sellers, tenants, service providers and others. Each can make sure that they have input into the process by using blockchain. All previously agreed-upon conditions must be satisfied for the contract to move forward.
Residential real estate can benefit from blockchain too. One of the biggest areas where it could be used is in the publicly distributed network identifying what exists. This is where blockchain sparkles.
Title insurance and fees can range from 1 percent to 2 percent of the entire fee for the transaction. Using blockchain, the buyer and seller can reference the history of the title knowing it has been verified. The buyer can submit funds, and they would be verified and sealed until the contract for the property is completed.
All the details that have gone into the process for real estate transactions can be stored safely, inexpensively and securely using blockchain. This technology represents a major change in the way real estate will be transacted in the future.