Given the disruption of financial services by blockchain technology and its subsequent widespread adoption across industries, it is difficult to pinpoint a sector that hasn't been impacted. Cryptocurrencies have had a big impact on payments, remittances, and foreign exchange. Initial coin offerings (ICOs) have impacted stock investing, startup loans, and venture capital financing. The food supply chain is one only of the many industries that have been impacted by blockchain.
Web3 real estate app development has also been affected by the disruption brought on by blockchain. Prior to recently, it was unusual to transact high-value assets like real estate using just digital means. In face-to-face contact with many participants, offline real estate transactions usually include. However, this could change thanks to the development of blockchain technology. It is now possible to tokenize and exchange assets like real estate and cryptocurrencies like ether and bitcoin, thanks to blockchain platforms that support smart contracts.
This approach to real estate trading is unique. The six ways that blockchain has changed the real estate sector are listed below.
1. Online shops and platforms
Connecting buyers and sellers and listing properties have historically been the primary objectives of real estate technology. Blockchain, on the other hand, creates new opportunities for real estate dealing and can support trading platforms and online marketplaces in offering more comprehensive real estate transaction aid. For instance, ATLANT has created a platform that uses blockchain technology to enable real estate and rental property transactions. Real estate can be tokenized and then traded online, similarly to stocks on a stock exchange.
By basically treating assets as stock sales, ATLANT enables sellers to tokenize their assets and subsequently dispose of those assets on the platform through a token sale. The tokens can be turned into fiat money, with each buyer owning a share of the property.
Also Read : What Social Media Needs to Know About Web 3.0
2. No intermediaries
Brokers, lawyers, and banks have long been a part of the real estate economy. A Deloitte analysis suggests that the participation and roles of these parties in real estate transactions may soon alter. 1 New platform may eventually take over responsibilities, including listings, payments, and legal paperwork. Buyers and sellers will be able to get more for their funds by cutting out the middlemen because they will spend less on fees and other expenses. Additionally, the procedure is made a lot quicker by getting rid of the back and forth between these middlemen.
Real estate has always been seen as an illiquid asset due to the lengthy nature of most real estate sales. This isn't the case with cryptocurrency and tokens, which can theoretically be traded for fiat money with ease through exchanges. However, using real estate as a means of exchange makes it simple to sell. Without having to wait for a buyer who can buy the full property, a seller can still get some value from their asset.