Do you have a startup or enterprise that is trying to make its presence bigger in real estate. If you do, then this article will help you figure out how you can make it possible.
Real estate prices are sometime unreasonably high because of various reasons. At time, the sellers have to sell upto 6% the total value, which is way higher than norms. Blockchain is the only way which could stop all this with decentralization and is already being adapted by many realtors as well.
If you conduct all the deals of real estate through blockchain, you can actually bring the prices very down. In this article, you will see the ways through which, it can be done easily and you will also be able to build one such platform yourself.
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Benefits of using Real Estate Blockchain Platforms
Real Estate is a field that is infested with middlemen who take a significant share of money through buyers and sellers. With this technology, you can get rid of all the mediators at one and can resolve many long-standing issues too.
This could be done with the two basic characteristics of blockchain:
Decentralization: If you have heard or read even a little about blockchain, then you know that it is peer-to-peer network. Under this network, nodes are entrusted with the highest authority and they also made the former permanent. This gives a unique disposition to the mechanism and makes it the most secure and efficient.
Indelible Records: The inclusion of smart contracts and other stringent consensus algorithms render the whole data inside the blockchain immutable and tamper-proof.
Read more about: How does a private blockchain serve your business?
After Bitcoin came into existence in 2009 with the other attributes, smart contract was introduced by Ethereum. These are codes which get executed automatically and once they implemented, no changes could be made into them.
The open-source code brings transparency in its full capacity. It also fulfills all the conditions brought forward by different cryptocurrencies. And above all, it makes the execution of transaction irreversible.
Coming back to real estate, this is an industry which is swarmed by middlemen who drive the entire process. There is a blizzard of paperwork which makes you confused to the full and this also creates a packing environment many a times.
It is also a domain where high-value transactions are involved and people invest savings of their lifetime to buy a property. Therefore, making transactions secure is very essential and it has to be done at any cost.
With blockchain, you can make the entire process of buying real estate more efficient, safer and transparent. And it is now possible for you to make it work through the applications which could make all the property dealing much easier.
Rise Of Real Estate Blockchain Development
Already, blockchain-based real estate applications have been launched and disruption has already started to seep in. Here are some of those applications that you can use:
DeedCoin: This application operates in the US and covers over 160 cities, its target is lessen the home sellers fee to 1%.
RentBerry: This app has already been recognized as a helpful tool for home rental services in the US. They are all set to launch their blockchain with their proprietary token, BERRY.
Atlant: This one enables users to have tokenized ownership of properties with P2P rental system.
It is now possible for anyone to come up with such a blockchain-enabled real state app which makes the whole process of buying and selling properties very easy.
The very first method involves building an app which integrates smart contracts into the blockchain using LISK. LISK is a renowned platform among developers which is used for creating blockchain apps.
It could be treated as ‘Platform as a Service’ (PaaS) for building blockchain-based softwares. It gives a set of services that include operating system, programming language, cloud infrastructure, database and runtime environment. You just need to have the data and code, it works just like Google App Engine which is also a Paas.
LISK enables you to build a sidechain which is a way to reach the main chain. You perform a whole list of operations such as coding, testing, customizing and deploying the app. It even allows you create your own crypto token.
The second method leads you to build an Ethereum-based real estate application. It involves virtual machines, creation of tokens and smart contracts as well.
Even if you do not want, trade-offs are part of both of these methods. When you are using List to create such an app, you have to integrate smart contracts into it separately. This is because List doesn’t include smart contracts. But there is a scope of including JavaScript into the mainframe and developers know how to do it. By running it on sidechain, better scalability can be delivered.
When doing it with Ethereum, performance and scalability is an issue that you need to address. However, it becomes easy with the flexibility of blockchain which makes the deployment of smart contracts very feasible. Alongwith these two, there is also a third method with which you can create blockchain based real estate applications.
Make You Team Better At Development
Whichever method you use, you need to ensure that your team possesses the most essential skills required for building a platform based on blockchain. You team must have professionals with expertise on these things:
Tutorial on Ethereum Development on GitHub.
To get assistance with language on smart contracts, you need to use Blockgeeks Solidity Guide.
Website for the beginners of DAPPs.
Interactive course on CryptoZombies.
Documentation on Lisk.
Besides all of the aforementioned elements, you would also need project management, UI/UX designs and project management experts in the team. If you get an blockchain development company, the job is very easy for you. Technoloader makes it easy for you and gives you every opportunity to make your business better.
