Several issues currently plague the real estate sector, out of which, lack of transparency and builder dishonesty ranks at the top.
A general paucity of trust keeps individuals from venturing into real estate investments. Moreover, existence of intermediaries maintains a disparity between the price expected by the seller and the price a buyer is willing to pay. As a result the prices are almost always inflated!
Lack of information on current market trends and an absence of a platform to compare options limits the amount of engagement in real estate industry. Project approvals and permits are often hard to obtain and they consistently prove to be hurdles for any developer leading to delay in delivering on committed timelines.
The intrinsic decentralized nature of blockchain makes it the perfect choice for its adoption in the Real Estate sector. Not only does blockchain expedite contact processes in Real Estate, but it also has the potential to provide a common database for purchases and leases using a distributed ledger system making the entire process more transparent.
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