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Over the last few months, cryptocurrencies with bitcoins at the top have accumulated a substantial part of the industrial sector, especially the media industries. Moreover, with its potential to create, validate, authenticate and control contracts in real time without human intervention, it has made the blockchain attractive, creating a new era of digitization through smart contracts.
Contracts concluded through the blockchain process include certain instructions set with transactions. Payments are made after the fulfillment of these instructions providing complete transparency to all parties and the reduction of disputes arise due to payment problems.
The advent of blockchain technologies is steadily gaining traction over many applications helping to analyze bids, the maximum time taken to complete the activity, errors and fraud analysis. This opportunity has led the blockchain to be used also in the real estate sector.
Meanwhile, for the first time, Propy, a Californian startup blockchain, has announced its partnership with the Ukrainian government to allow foreigners to invest in online real estate purchases. The features of Propy's blockchain technology have brought the world to a unique way of accessing real estate opportunities at their fingertips.
Furthermore, several advantages have been observed in the development of blockchain technology in the real estate sector. The real estate transaction will be initiated through the development of multiple listing services, where certain data is decentralized and limited, making it difficult for people to access data. However, the implementation of blockchain can reduce this barrier by sharing data with the authorized user in a secure manner.
The tokenisation process democratizes property ownership, where the acquirer receives digital tokens or cryptocurrency through blockchain including information on the ownership of that particular terrain and its location. This token can be used as proof of ownership for future transactions. If the owner wishes to sell certain parts of his share, investment opportunities can be obtained through secondary cryptocurrency trading.
Furthermore, greater security and efficiency in blockchain technology helps to create a high level of trust between the parties involved in conducting business. A single user will be provided with a unique secure ID in order to ensure a secure transmission of data between third parties. Furthermore, an improved real estate ecosystem can be achieved by enabling people to share information and transactions more securely and efficiently.
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