An Overview of Blockchain Technology and Indian Real Estate


Date: 13-November,2021Last Updated: 23-October,2022
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"Blockchain"

Perhaps the most popular financial term from 2020 onwards. Blockchain has certainly revolutionized the world and most of the major asset classes too.

From stocks, controversial bitcoins, NFTs, the list goes on and on. And real estate is not far away from joining the ranks, infact it already did in many countries!

but before getting into the details,

let's discuss a bit more about blockchain for the uninitiated.

What is Blockchain?

A Blockchain, in simple terms and just as it sounds, is a database that is divided or distributed into different blocks of information or records. Technologically these records are ironclad as the digital blocks cannot be tampered with.

The digital timestamp of these records, as mentioned earlier, cannot be influenced in any way, making it trustworthy without the need for a third party. This is precisely why Bitcoins are getting more popular around the world. As these "blocks" of data "chained" together is also have a separate storage limit per the blocks, thus once a block is filled with data, the next set of information is added with a new block. And all these blocks become a part of an immutable timeline, which guarantees their value.

Thus blockchain revolutionized the concept of transactional ledgers. Since these are more trustworthy than the regular digital or paper ledgers, one can be assured of how much value he or she has provided into a transaction, the true owner of the same, and finally, whether the second party actually received the same or not.

Blockchains are recorded and distributed accordingly but cannot be edited at all!

Now let's see how Blockchain can revolutionize Real Estate!

Real Estate and Blockchain Technologies

Real Estate, indeed the largest asset class in the world, is not without its share of scams and fraudulent elements. Everyday in the news, there's bound to be a report of how the buyers were duped by the agents, or the developers. There are even cases of the homebuyers duping the construction agencies as well. And in a country like India, real estate scams have already become the norm.

This is also one of the top/major reasons why the common man just stops after his first home and never thinks of real estate investments. Thus by embracing blockchain technology, trust can be brought back to the sector.

Already technology is indeed playing a great game in bringing in the Millenials into the real estate sector, especially in the residential and rental segments, but if the industry needs to evolve and rope in more capital, thereby transcend into a whole new level, like REITs or the similar kind, Blockchain technology should be the new norm.

As mentioned earlier, various tenets of construction and real estate technology have already revolutionized real estate, and blockchain would be a fine addition to the same.

Blockchain can help Real Estate in various ways. The no-brainer is, it can initiate smooth, trustable, and efficient financial transactions. The second is that with the rise of blockchain in real estate, the industry can become a whole lot transparent and thus eliminate many of the scams prevalent in the industry.

Blockchain, once adopted into the current streams of home buying, renting, and leasing can even be upgraded to initiate safer and improve the current property search and selection process, which in turn creates smarter decisions from the customer.

Besides, Blockchain becomes a win-win-win for the trio of buyers-realtors and developer fraternities around as it makes the process more efficient & effective also destroys out the culture of scams within real estate.

So, what are your thoughts on the matter?

We would love to hear them in the comments section below.

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Well, we are aware that real estate has never exactly been one of those binge-worthy blog categories. It has neither been the kind of topic you could not get enough of, nor is it half as juicy as celebrity gossip.

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