Like the overall internet, real estate innovation (“property technology” or PropTech) has gone through its own evolution in waves. In the early 2000s, companies
How will blockchain technology affect the real estate industry?
Blockchain technology has already entered into various streams and sectors like healthcare, banking, real estate, security, insurance, education and not to forget real estate too.
The technology has its trump card for every sector, and real estate is the booming sector in the economy, and blockchain technology is giving a coin to integrate their processes and function for the way data is stored, information is shared, transactions are made in the real estate industry.
Certain direct ways how blockchain technology will affect the real estate industry are as follows,
For instance, Tokenization democratizes ownership of assets by using cryptocurrency to split assets into tokens that are stored on the blockchain. Someone who wants to invest in a trophy real estate project now has the luxury of being able to resell their share on the open market through secondary trading.
- Smart Contracts
The current processes and functioning of property agreements have a large-extensive process and also middlemen involved. A transaction using a smart contract is entirely between the buyer and seller. And hence the transparency and security of the transactions are highly motivated and practiced. The transactions take lesser time, reduced costs, and no fraud.
- Property Management
Property management is highly complex, with many stakeholders involved — including landlords, property managers, tenants, and vendors. Most properties are managed either offline through manual paperwork or multiple software programs. This will be replaced by blockchain technology for betterment and up-gradation. Through the use of a single decentralized application that uses blockchain-backed smart contracts, the entire property management process will be effective and efficient.
- Financing and Payment Systems
Due to the extensive documentation required and the involvement of various intermediaries, existing modes of financing and payments for property transactions are currently slow, expensive, and opaque, by integrating blockchain technology it will be secured, transparent and stored.
There is a long road ahead where blockchain technology is going to impact the real estate industry.
- The emerging technology has the potential to disrupt many industries, including real estate. A lot of these industries are looking out for professional developers. The disruptive skill set is highly needed by the companies.
To learn and practice these skills, you need to pursue a course professionally. Recently the online programs are the smartest and best way to learn blockchain technology.
One of the best courses is offered by upGrad, they have courses for both freshers as well as beginners. The course highlights like getting training from industry experts, working on live projects and many more will uplift your skills and lead you to become a professional developer. And that is what you need to kickstart or develop your career in the field of blockchain technology and get good prospects and opportunities in real estate and also in other industries where the technology is used.
These are ways where blockchain technology could impact the real estate industry.