Real Estate blockchain solution
Real estate: challenges in a rapidly changing world
As the technologies continue to evolve, OneLedger’s expertise in implementing blockchain in commercial real estate creates opportunities to grow your business by overcoming the industry’s major challenges.
Top use cases to be improved with blockchain for real estate:
- Excessive number of intermediaries (agents, brokers, etc.)
- Time-consuming and paper-driven due diligence
- Complex property title management
- Inefficient ownership transfer process
- Demand for IoT data to support rental smart contracts
- Flawed property search process
- Lack of IoT predictive analytics to identify and address system failures before they happen
- Absence of rich real-time data and analytics
- Slow and expensive financing and payments processing
- Complicated legal framework (e.g., rental contracts)
- High title insurance and related costs
- Transferring ownership with NFT
Why use blockchain for real estate improvement?
Blockchain is a powerful and promising technology with applications across all service categories in the real estate industry.
In addition to Keeping simple transaction records with smart contract(NFT), it is possible to automate the execution of contracts according to the agreement of many participants. As a result, all participants agree to the terms and conditions of the contract, trust automatic execution, and reduce the risk of errors or manipulation. At the same time, It has the advantage that all participants can immediately verify their implementation results.
The fact that the spot is linked to NFT means that a contract (loan or equity) based on spot assets is connected to a blockchain-based token. NFT includes all paperwork for ownership transfer, photos of apartments, and unique digital works.
Explore the benefits of blockchain in real estate, including data management and financial processing optimization, with OneLedger’s experienced blockchain development team.
(1) Real estate registration (information management) system
The use of blockchain is being introduced as a promising example in the real estate registration system. Currently, the real estate registration system is administered by the government and others. Although it guarantees the accuracy and safety of registered information, it is possible to simplify registered procedures and reduce costs without administration processes by using blockchain and NFT. Initially, various officials managed information on real estate, which is very inefficient because it costs a fortune to collect information. However, suppose a system for linking and sharing real estate data is established by blockchain. In that case, it is expected that various costs will be reduced, and various information will be widely distributed.
(2) Securing real estate information
Through blockchain-specific non-infringement and NFT, real estate information can be exchanged safely and accurately. For example, the real estate-related Internet of Things (IoT) requires securing privacy and security because it is always connected to the network, such as smart locks or cameras.
(3) Automation of real estate transactions
NFT means that a contract (loan or equity) based on spot assets is linked to a blockchain-based token. In addition, NFT includes all paperwork for ownership transfer, photos of apartments, and unique digital works, which can be transferred automatically with a smart contract.
It’s easy to know if you compare it to a vending machine. When a buyer inserts a coin and selects a product, it is a smart contract that pre-programs a series of actions performed in the structure in which the product comes out and automatically performs them.
Traditionally, the execution of contracts was often entrusted to intermediaries, so it was necessary to ensure the other party’s reliability or guarantee by a third party. However, if the contract terms can be proven addition, rammed in a blockchain, 3rd party verifications are unnecessary. And real estate transactions are common to use many constrained written contracts. Therefore, by utilizing smart contracts, it is possible to automate tasks such as real estate registration and payment and streamline tasks and the electronification of contracts.
(4) Real Estate P2P Transaction
Using blockchain enables peer-to-peer (P2P) transactions between parties without going through third parties. If P2P and Smart contracts are combined, direct transactions can be made safely between ordinary parties who lack expertise.
(5) Liquidity of real estate transactions
It means a gift certificate (value certificate) that can exchange the value of a token created (issued) in a blockchain. The possibility of tokenizing real estate by blockchain allows P2P transactions between users of transferring rights or distributing profits using smart contracts and information and rights statements of real estate objects.
On the top of advantages of blockchain technology, there are four significant benefits of OneLedger Protocol.
First, the Faster speed of real estate transactions and contracts process, and it reduces or eliminates reliance on third-party intermediaries because it is based on P2P transactions on Dpos consensus.
Second, With OneLedger’s Smart Identity Management Platform, Managing an identity, pseudonymous or otherwise, across multiple distributed networks can be done by assigning a master private/public key pair to an identity.
Third, The Extendable API will help in transforming business models into blockchain applications through modularity and assets into NFTs.
Fourth, an interoperability feature enables connecting businesses to blockchains, keeping their centralized data consistent with the transfer of assets on the blockchain and also connects with other blockchains with sidechains. Finally, OLT is also utilized for any transaction a private business blockchain makes on the public network.
OneLedger can help
Oneledger is a blockchain as a Service (Baas) options supplier founded by experts who worked for Fortune 500 executives and run by a Forbes executive member, partnered with IBM and Google cloud. Positioning itself as a shortcut for blockchain development and aims for easy and broad blockchain adoption. Our vision is to help businesses, governments, and people solve their most complex and essential challenges using the OneLedger blockchain and other disruptive technologies.
This makes it an ideal foundation for developing enterprise-grade applications and industry solutions across a broad array of use cases. In addition, it acts as a gateway between enterprise systems and all of the other public/private or on/off chains.
We offer a consulting service to assist clients who need bespoke solutions; we also provide a suite of customised off the shelf (COTS) applications in most industry segments.