Blockchains are entering into new industries one after another. They are not only making things transparent but also making it easier for the legal aspects. Which makes their prime use case in the real estate. As the real estate is laden with the scam, manipulation and the bad things that you can think of. In such case, blockchain in the real estate would be a good option for anyone to explore.

So what are some of the use case of the Blockchain in the real estate space?

Money Transfer Transparency

A lot of real estate agents and the owners are asking people to pay through the cash and the cheques. And the frauds happen in the process. As there is literally nothing on those grounds for tracing the transactions, it makes the deals harder to trust and high rate of scams happen. In such case the blockchains can be used for tracking the transactions, verification and validation of funds transfer.

This can be useful in the space of the wire transfer, asset transfer, asset details and other data specific to the real estate being validated and enforced in the due process. This would also help them weed out the shady agents and the property dealers which are kind of causing the scam too. I suppose that is one of the things that people have to check if they wish to work in this space.

Rent, Lend and Sell

You may find that a lot of property owners rent, lend and sell the properties while being in different state, city or country. And by making use of the blockchain in the space they can make this easier for their own self as they have much better control over the property operations. There are blockchain marketplaces where the blockchain is being used to track, verify, and validate the transactions in this space. It can be cheaper and also secure through such options.

I personally have experienced frauds of agents and the owners through this space. And when you make a good platform for the rent, lend and selling through blockchains, you get the control over the process. Which is something verbal on most of the things that I have experienced as well. So do check out if this works out for you.

Time Sharing & Remote Work

Just like AirBNB there are many ways the properties can be time shared. You can have hotel in the evening and the office during the day time. I know there are some of the concepts specific to the time share in this space. You can earn a good income per day worth of the office renting. A lot of people are entering into this space. If this can be monetized through blockchains, this can be a hands off transaction.

This space would earn a lot of money for people who own the property. Some of the time that means working a bit harder on the promotion and deploying a good solution that could attract a paying crowd. In that context, I'd say that time sharing and remote working is a good business model to explore with blockchain space.

I feel real estate is a good space for the blockchain. I have not explored the Agriculture space which can also make use of the blockchain but the thing is you never know how that would help from 5 years from now. So I am going to do a bit research for that next post.

What's your experience with the real estate space? Do you think it benefits from the blockchain solution?