Buy sell Real Estate using Smart Contracts.
What is a Smart Contract? Smart Contracts are self-executing contracts with the terms of the agreement between buyer and seller directly written into lines of code.
The code and agreements exist across a distributed, decentralised blockchain network. Smart contracts permit trusted transactions and agreements to be carried out among disparate, anonymous parties without the need for a central authority or external enforcement mechanism.
Why use it? Real estate markets are not as efficient or organised, with an incredibly slow transaction time, and a less efficient price discovery mechanism. As a result, a lot of capital is trapped in certain geographic regions.
The act of buying and transferring ownership of the property remains a tedious and lengthy process. These transfers typically need to be reviewed and confirmed by an array of intermediaries including agents, lawyers, and governmental bodies, just to name a few. By applying blockchain and smart contract technology, the process can be simplified, thus saving time and money for both the buyer and the seller.