The immense potential of blockchain to bring transparency and legitimacy into the real estate valuation processes will assist in transparent real estate transactions.
FREMONT, CA: One of the technologies set to have the most significant impact on the real estate industry is blockchain. The decentralized and unalterable properties of blockchain are enabling more efficient ways to make investments, and there are now several companies developing blockchain applications for real estate. Here is an in-depth look at how blockchain technology is unlocking value along the real estate value chain.
Real estate players are also eyeing on blockchain as a technology that will bring transparency and clarity to their business. Blockchain offers a broader digital view by linking data sets from various sources. When coupled with other technologies such as artificial intelligence (AI), blockchain can also bring transparency to investment decisions. The ledger system of blockchain accounts for the automatic authentication of a property. The validity of a property’s valuation can also be verified easily from any online device.
The blockchain-driven transformation of the real estate valuation will not only save time and money for the parties involved but also ensure the security and confidentiality of data. For instance, financial institutions are relying on property valuation platforms that utilize blockchain technology to record essential property information, such as property valuation. Such a platform is simplifying the process of property valuation for the banks as well as the customers.
Through the platform, the bank can request the surveyor to collect the details of a property. Once the task is accomplished, the full report can be prepared by filling up the property valuation form. The form can then be uploaded on the blockchain that can be acceenterprissed by the bank in real-time. Further, blockchain allows verifying and processing all the information that has been recorded, and the level of security offered by technology is unparallel. Moreover, blockchain is not under the control of a single entity, thereby making the information impossible to be altered or tampered.
Even though there are significant barriers to the broader adoption of blockchain in real estate, realtors believe that it will significantly improve processes within the real estate industry. The time has come to move more parts of the real estate value chain into the secured blockchain network.
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