Real estate is a market worth trillions of dollars, which is one of the main reasons why fraud in this industry is a common occurrence. In the many known cases when developers delay construction deadlines, appeals to law-enforcement agencies or courts from the consumers aren’t very helpful. If the process of real estate procurements would be carried with the use of Blockchain technology and smart-contracts, the system would automatically penalize dishonest developers, leading to a progressive reduction of delays.
Since October 2017, Rosreestr, an organization behind property rights registration in The Russian Federation, has been conducting a Blockchain “experiment”. Its official results will be made publicly available on August 1 this year, but we can already tell you how the CRE market will benefit from this technology: by integrating the ENDO Protocol into its chains of implementation.
With Blockchain, the primary CRE market will undergo serious changes: time spent on coordination will be shortened several times, whereas functions like notaries, realtors, and some of the supervisors will be excluded from the process. The latter, in turn, will result in saving energy, time and finances.
As for the secondary CRE market, Blockchain offers even more opportunities. Imagine that you like a particular apartment and wish to learn more about the location and its previous (or current) owner. All you have to do is simply open the digital identifier and access the needed data – you’ll see names of the owners and agents, the history of lending and repairs, rental rates, etc. There’s an expression, saying that if something is written in stone, it can never be changed. Well, when something is written on the Blockchain, it can definitely not be tampered with or faked.
Finding the right house or apartment is a difficult and time-consuming process. Sometimes, all your free time can be spent on searching, making calls and writing letters…only to find out that the apartment has already been sold or rented-out! ENDO can prevent this kind of problem, because information stored on a Blockchain is always accurate, up-to-date and verified.
Simplifying routine tasks is another thing Blockchain can assist with: with its help, you can pay for utility services, security, or even your concierge, if you so wish, simply through the use of smart-contracts! They will independently execute all the payments according to the schedule.
In short, CRE is just one of many industries that will definitely benefit from Blockchain technology. How soon will this future come? We’ll find out soon enough, but by presenting ready and existing solutions, ENDO could turn the future into the present.
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