Ubitquity Registers First Real Estate Transaction on Blockchain
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The drama of bitcoin has taken the concept of the blockchain mainstream bitcoin block explorer transaction realty the past five years. Bitcoin may be the most well-known manifestation of blockchain technology, but there are countless other applications that have nothing to do with "crypto-currency. The first way is through how information is shared.
All real estate transactions go through the Multiple Listing Service MLSwhich is the system used to track who is representing who, contracts, appraisals, listing agreements, etc. The system, however, is highly fragmented and can be difficult to access and parse for people outside of the industry.
Access to information is restricted and may not be up-to-date, which can make it difficult to make comparisons and identify patterns. This is bitcoin block explorer transaction realty blockchain technology can help. What the blockchain fundamentally provides is the capacity to share databases and processes. This could enable MLS companies, or even agents, to improve the way property data is bitcoin block explorer transaction realty between agents, as well as consumers.
Other credible parties could collaborate and build a holistic view of a property -- all stored securely on the blockchain. Today, title information is stored on a local level and has not been brought online. Blockchain technology could provide a central title database for the entire country to secure, store, and instantly access historical title records.
Down the road, these tokens could replace deeds entirely. The impact of this shift would be significant. To start, it would streamline the title portion of a housing sale. The bitcoin block explorer transaction realty process is notoriously slow because tracking and transferring titles involves a lot of bureaucracy.
A central and secure database which bitcoin block explorer transaction realty the records and makes them instantly accessible would speed up the process, saving everyone time and money. And, for consumers due to title insurance being so inflated. The third way blockchain technology will transform real estate in is through identity verification in transactions. Buying and selling real estate has bitcoin block explorer transaction realty high stakes. Making sure a prospective buyer or seller is who they say they are is key, given that real estate fraud costs buyers millions of dollars each year.
This is where blockchain technology comes into play. The blockchain enables consumer financial information to be securely shared with other parties during a transaction. Every user has a unique identity on the blockchain thanks to cryptography. This is particularly useful if both parties are not in the same place. A centralized financial record of each party can speed up transaction management and property financing.
Not to mention, it can help reduce wire transfer fraud with title offices. The real estate ecosystem can involve a lot of middlemen and blockchain technology can help make bitcoin block explorer transaction realty more efficient by reducing the number of intermediaries, which translates into saved time and money for consumers.
The blockchain can help streamline the real estate sales cycle, while also making it more secure and transparent. These are positive steps forward for everyone involved -- buyers, sellers, agents, and brokers.
Blockchain technology will play a central role in the future of the real estate industry. Matthew Murphy is the Chief Marketing Officer of Chime Technologies and is responsible for making Chime a household name in the real estate space.
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