We are sure that it won’t have escaped your attention that Blockchain has been changing the game for industries and services across the board. The technology tied to cryptocurrency has been changing the way that we do business, and real estate is no exception.
For a long time, real estate has been set in its ways. Namely that transactions tend to be long and drawn out, with an emphasis on face-to-face discussion and deals that can leave you neck-deep in paperwork. Blockchain technology changes all that. If you haven’t had blockchain technology explained to you, it’s a record of transactions that cannot be hacked or altered. Here’s why it’s such a big deal for real estate.
Blockchain Technology Means Decentralisation
One of the main draws for cryptocurrency is that it is decentralised, and that is particularly appealing for people wanting to conduct real estate deals. We all know how frustrating and potentially damaging it can be when important information is kept from one or both parties in real estate transactions. Blockchain technology means that everyone has access to everyone involved, drastically reducing the chances of fraud. We’re also seeing greater steps towards user safety, as secure digital wallets like Quara Pay help keep assets safe.
Blockchain Technology Turns Real Estate Assets Into Tokens
One of the best ways to describe the way that Blockchain tech has changed real estate is simply that it has made it, well, simpler. When you are trading assets on a platform that uses blockchain tech, that asset becomes a token that you can buy, sell or trade like a stock. There’s no need for further complication when you can see exactly what it is that you are selling or trading for.
Blockchain Technology Cuts Out Unnecessary Middlemen
Anyone who has ever conducted a real estate transaction will tell you that there is no end to the number of people who need to be involved. Or at least tell you that they need to be involved. It is a process that creates endless fees and paperwork. But the more refined the platforms that use blockchain technology to facilitate these transactions become, the fewer middlemen and intermediaries there will be.
That will mean that buyers and sellers will be able to save a considerable amount on their extra costs, as well as a considerable amount of time. Real estate in Saudi Arabia is gearing up at an incredible rate with an amazing range of new developments, and no one has any time to lose.
Blockchain Technology Will Help You Get Access to Local Expertise
As we mentioned, one of the traditional elements of real estate transactions is the need for the face-to-face meeting. It would help if you had your feet on the ground, as it were, to deal with confidence. Blockchain technology will make it much easier for people to do business remotely. Quara Blockchain is helping clients in Saudi Arabia with software that has been customised to that market as well as Arabic-speaking markets. They offer local expertise and support with peerless accessibility.
Blockchain Technology Will Cut Down Costs Across the Board
We already mentioned that blockchain technology will save costs thanks to cutting out intermediaries. But it doesn’t stop there. There are so many steps that are involved in real estate transactions that go toward security, transparency, loans, and much more. Blockchain tech will streamline the process so that a lot of these ancillary costs will simply be unnecessary.