How can cryptocurrencies change real estate investing?

0
186

5 Ways Cryptocurrency Will Change the World of Commercial Real Estate –  Enri$hed Feed

Dogecoin rose 3X today, and bitcoin tanked 30% today – it is something that cryptocurrency followers are used to hearing. It no longer hits the nerves the same way.  

Blockchain, the underlying cryptocurrency mechanism, has disrupted the world of financial services. But is there any sector that it has not yet influenced? The inculcation of cryptocurrencies has revolutionised international transfers and impacted several other services tremendously.  

But one of the principal innovations driving everyone crazy is the idea of NFTs or non-fungible tokens, a digital currency looking to emulate physical ones. 

Even though a sector that doesn’t like volatility, real estate is in a perfect place to revamp itself with the help of blockchain and innovations like NFTs.

The world first heard of bitcoin, a blockchain-based cryptocurrency, in 2009 (most people today rue the opportunity of not buying and only hearing about it). But it was only in February 2018 that we first saw the usage of blockchain for real estate transactions. It was via a pilot program with Propy, a San Francisco-based start-up allowing anyone from any part of the world to buy or sell real estate through its blockchain.

Since then, the world has come a long way in accepting cryptocurrencies as a medium for real estate transactions. Here is how they can change the real estate landscape –

  • Smart contracts

Real estate has been using physical contracts since its inception as a business. The inculcation of blockchain would allow brokers and buyers to execute intelligent contracts via a distributed and decentralised blockchain network. These are easy to track and are irreversible, ensuring optimum safety of records.

  • Improved transparency

The introduction of cryptocurrencies and blockchain is a move to eliminate privately owned real estate databases that others cannot use for cross-referencing. With blockchain’s help, real estate brokers can move the property listing services into a decentralised database, ensuring optimum safety and access.

  • NFTs are the future

Real estate is often criticised for being illiquid. For example, a plot usually has to be bought by an individual or a family. With NFTs, hundreds of people can purchase a single piece of land, each getting tokens as proof of ownership.

Blockchain and cryptocurrencies can supercharge the real estate sector

Blockchain and cryptocurrency can help in making the entire process of buying and selling real estate seamless. Its inculcation can also help in creating secure databases, thereby making the process more transparent and accessible.

Global real estate is worth hundreds of trillions of dollars but is dominated by the wealthy and large corporations. Through blockchain technology, more people may be able to access the market where transactions can be made more transparent, secure, and equitable. Real estate transactions may eventually become truly peer-to-peer activities with blockchain-powered platforms doing most of the work.

Being a savvy investor in Cryptocurrency and real estate requires grabbing opportunities at the right time and of course to pick the one you should follow the latest market trends and revamp your financial knowledge, take help of the best app for finance – The FlipItNews App where you can get the latest stock market news within 50 words facts, the app also provides the stock market latest news in Hindi

FlipItNews App is all set to revolutionise the way Indians perceive finance, business and capital market investment. Gurugram Based startup FlipItNews aims to promote financial literacy among the Indian masses and investment through contextual information and engagement with smart investors.

 

FlipItNews launched “Circle”- a community of smart investors. A smart platform where any fin-tech company can build its community. 

Feature Circle provides you with the opportunity to learn from market advisers, fin-tech companies, wealth advisors etc and engage yourself with other users through group discussion, polls and quizzes. Also, earn flipitcoin for every action.

Download the FlipItNews App now and join Circle to become a part of the biggest investment network.