How Cryptocurrency and Blockchain Technology are Shaping the Real Estate Industry?
Read on to know how cryptocurrency and blockchain technology are shaping the real estate industry.
The real estate industry has to be the largest asset class in the world. The market value of the real estate is standing at 10 trillion dollars (as counted in 2020). In the USA the real estate industry contributes 15% to 18% of their GDP, that is because the market value is 43.5 trillion dollars. This shows the importance of the real estate industry.
At present, we can see, cryptocurrency and blockchain technology are transforming various industries. And real estate hasn’t escaped this transformation. Blockchain technology and cryptocurrency have helped this industry to grow immensely.
If you’re interested to know how cryptocurrency and blockchain technology is transforming the real estate industry, then keep reading our blog post. Here are four ways cryptocurrency and blockchain technology have transformed the real estate industry.
How cryptocurrency is transforming the real estate industry
Before we start with our explanation, let us introduce you to one of the leading crypto exchange platforms named Bitcoin Prime. If you’re interested in cryptocurrency go check out the platform.
Now let us explain how cryptocurrency and blockchain technology is revolutionizing the real estate industrial structure.
Canceling out the intermediaries
Brokers have been a part of the real estates’ ecosystem, but with the introduction of blockchain technology, we can see a shift in the participation and role of brokers in real estate transactions. Also, the crypto exchange platform has contributed to this change. You will see listings of real estate properties on many crypto exchange platforms.
Cutting out the intermediaries has not just benefited the real estate industry but also the customers. Now they can do the deal at much less expense. Since there are no intermediaries, therefore, you get more transparency in information. Besides that, it has also made the buying and selling process more rapid than it used to be.
Allowing fractional ownership
Cryptocurrency has lowered the barrier in real estate investment by allowing fractional ownership. As you know it requires a hefty amount of money if you want to invest in any bigger property. But with the involvement of cryptocurrency now you don’t require to pay such a hefty amount. All you have to do is access a trading app to buy and sell properties with just your crypto coins.
Making real estate a liquid asset
For a long time real estate has not been considered a liquid asset, since it takes a long time to complete one sale. But after the cryptocurrency made its place in real estate it has changed the whole system. Today, with the help of cryptocurrency the buying and selling process has become rapid. Now the sellers don’t have to wait for the buyers who can afford the listed property to make some profit out of it.
Improving the security
As we all know, the real estate industry needs to have high security. Since the industry deals with personal information and huge amounts of money, it is crucial to have high security. And at present, only blockchain technology can provide such high security to any industry. All thanks to its decentralized technology that made it possible to create peer-to-peer networks.
From the above analysis, we can conclude that cryptocurrency and blockchain technology is helping the real estate industry to improve. This transformation will not just help this industry to grow but also build a strong relationship with the customers.