Reimagining The Real Estate Sector By Using Blockchain Technology
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According to a recent report by Deloitte, the global real estate sector pulled in an impressive $341 billion in the first half of 2018. Pundits predict that this sector is experiencing phenomenal growth of 13% year-on-year. Factors such as increasing incomes and low-cost housing are fueling this expansion.
Despite the bullish speculations, some experts believe that the potential of this industry is not appropriately explored. To do so, real estate companies will have to rely on nascent technologies that can disrupt the sector and allied services for the better. One such technology in question is the blockchain.
Blockchain can be viewed as a distributed digital ledger that is spread across a network of computers. It uses cryptography to encrypt data, and store records in an immutable and secure fashion. While cryptocurrencies popularized it, blockchains soon found applications in a variety of industries such as healthcare, education, government, and more.
In the real estate sector, blockchain can help streamline and optimize a variety of processes. This includes activities such as ownership, legal, taxation, billing, and others. Moreover, this technology can also aid promoters and builders with selling large and expensive assets that are otherwise illiquid.
By using the function of tokenization, it is possible to digitally fragment the ownership of a single asset into many tokens. This makes it easier to transfer ownership and attract multiple financers to a project. Furthermore, this model helps improve the liquidity and mobility of an asset while also encouraging investors to create diverse portfolios.
Building your own blockchain-based solution for the real estate sector in 2019 is not a hassle anymore. With many companies offering premium services, it is possible to launch your platform in no time. Blockchain App Factory is a trusted name when it comes to building robust real estate tokenization platforms. They have unparalleled experience in this domain, and their team of expert developers can craft customized solutions that match your business requirements.