Rentberry is the first real estate digital platform to make the renting journey hassle-free and contact-free. It offers automation in all the real estate renting tasks. It is a virtual medium between the Owner and the potential tenant. Rentberry is the first platform that uses blockchain technology to record data and as a payment medium.
So far, real estate apps are using traditional technologies to build apps. These traditional apps are limited to a few functionalities while blockchain-enabled apps provide all the functionalities of executing the property deal worldwide.
Traditional real estate apps don’t finalise the amount of deal and can’t execute the deal. While blockchain-based real estate apps allow payment features in a very secure and transparent way.
Blockchain technology accepts payment in the crypto form. Cryptocurrency is the most secure form of financial dealing. As real estate payments are huge in amount there won’t be any chance of fraud and money laundering activities. The Owner and buyer or tenant can transfer the requisite money as per the deal with premium security.
Blockchain enables smart contacts which are the pre-decided contract to execute on a specific date with the consent of both the members.
The whole financial deal can be pre-planned in blockchain-based apps.
A buyer and seller can enter a deal where 20% payment as a deposit, 30% in the second phase and 50% payment after transferring the title of the property.
So, blockchain technology creates win-win situations for both Owners and the buyers or tenants.
This can be considered as the biggest advantage of going for a blockchain-based app. Blockchain offers a virtual home tour. So the Buyer or tenant can check the home, its situation and the location.
Moreover, When the buyer is searching for a home in a different city then it saves lots of time and cost of travelling and checking the house.
Students who are required to travel due to the unavailability of a specific course or college will be facilitated to finalise the home before shifting.
“Once written stays forever.” Blockchain offers immutable transactions which mean once executed contracts can’t be remitted or misplaced. So, anyone can use it as proof of work.
Blockchain offers a decentralised financial system where no central authority is functioning the contracts.
There are multiple advantages of decentralised finance for the real estate community
– Another source of collecting fund
It helps the buyer in funding the remaining amount.
When a buyer is required to buy a house however he can’t arrange the entire funding at present, here a decentralised finance system can sponsor the remaining amount to the buyer. Here the buyer is getting the home and the teller is receiving the entire payment. Now, the buyer can pay the sponsor afterwards when he will arrange the fund.
– No central authority abidance
When a buyer is taking a loan from the bank or financial institution they are not transferring the title of ownership to the buyer before the competition of loan. while in blockchain technology the buyer is receiving the title of ownership immediately and is just required to pay the remaining amount to the sponsor.
Moreover, The buyer is not under the control of any supreme authority.
– Digital identity helps in easy Documentation
Blockchain technology creates the digital identity of a buyer and a seller. This digital identity holds the paramount details of the members to enter into the contract. This digital unique identity aids in identifying the person. So, the document process is quick and faster.
Blockchain technology offers the most transparent and secured form of transactions. It enters the contract into a block foment. When a new contract is executed it is added to the chain of blocks.
Moreover, it is a peer to peer network so there won’t be any intermediaries and third parties.
So far, the traditional method of dealing in real estate happens with agents. The agent is one intermediate member who recognizes both the parties are genuine and charges fees from both for this assurance. So, it increases unnecessary charges in the form of agents’ fees.
While in blockchain technology, there won’t be any intermediary. The system itself is very transparent and genuine that it remitted the need of an agent. The buyer and the seller’s unique digital identity is enough to find him genuine and not fake.
These are the general advantages of blockchain-based real estate apps. When you go for a blockchain-based real estate app you will receive numerous core advantages. What do you think? What are your plans to accept blockchain technology in real estate platforms? Let’s go digital and upgrade your real estate platform business with blockchain technology. Contact us to bring blockchain technology into your business.
Read our detailed blog on How blockchain technology can change the real estate sector.
Author Name : Kiran Sagar