Smart Contracts – A Use Case for Real Estate
“The practical consequence […is…] for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate.”
-Marc Andreessen
Table of Contents
What Exactly are Smart Contracts?
- No Intermediaries
- Rapid Transaction time
- Affordability
- Fraud Protection
- Convenience
What Exactly are Smart Contracts?
Grow your business with best awarded real estate and construction ERP software
Today, most real estate systems and processes operate in isolation and information is scattered across disparate sources of data. This consequently results in duplication of records, redundancies, repeated tasks and a general opaqueness. Most decisions are taken based on data sets which deny real-time intelligence. Quite obviously, smart contracts could be the biggest disruption the Real Estate sector has seen in a long time.
• No Intermediaries
• Rapid Transaction Time
• Affordability
• Fraud Protection
• Convenience
Conclusion
The last few weeks have seen encouraging moves by some governments- The Italian House of Representatives has approved a bill defining distributed ledger technologies (DLT) such as blockchain. The Agenzia per l’Italia Digitale will now define the technical criteria that smart contracts will have to comply with in order to have legal validity. This bill also establishes that digital records stored on blockchain will be considered a legal validation of documents at the time of registration. Italy along with France, Spain, Malta, Cyprus and Portugal signed an agreement in Dec 2018 to adopt distributed ledger technology to enhance efficiency and transparency in governance and bring accountability to their citizens. While these are positive signs, most governments have taken the wait and watch route. But the writing is clearly on the wall- while it is not an adopt or perish scenario just yet, you don’t need great powers of clairvoyance to see where things are headed.
Varun Surendra Tulsyan
Varun is a Digital Marketer with overall experience of 11 years including experience in B2B marketing for the past 5 years. He is the first hire for marketing at In4Velocity and is obsessed with digital marketing.
Like our content?
Why not subscribe to our blog
Recent Blogs
A Quick Guide to Construction Engineering
Components of CRM: Understanding How It Can Be Useful
Related Blogs
A Quick Guide to Construction Engineering
Construction engineering is a diverse field that oversees the complex processes of building strong and long-lasting structures. From tall skyscrapers
DPR Full Form: What is it and How is DPR Useful in the Construction Industry?
The construction industry, characterized by its complex projects and intricate workflows, heavily relies on efficient project management and communication tools.
Components of CRM: Understanding How It Can Be Useful
Have you ever thought about how your customers feel when they are well-managed? You should ask yourself this daily to