Significance of Blockchain in the Real Estate Sector

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Significance of Blockchain in the Real Estate
Sector
Mazen Alzoubi
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With the global adoption of Bitcoin and Ethereum,
blockchain real estate applications have moved
from theory to reality. Indeed, the technology
that underpins today's most popular
cryptocurrencies has the potential to transform
the real estate industry. Blockchain real estate
applications will improve the housing sector by
utilizing an advanced network of computers and
algorithms- Mazen Alzoubi. As a result, learning
exactly what blockchain real estate is, what it
can do, and how it can be used sooner rather than
later may pay off (literally).
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Real Estate Is Tokenized by Blockchain
When viewed through the lens of tokenization, the
concept of blockchain real estate becomes more
understandable. Tokenization, as the name
implies, is the process of converting someone's
equitable interest in a property (or other asset
classes such as debt or cash flow) into a token.
The token, like a store of value, is a digital
representation of said equitable interest-Mazen
Alzoubi.
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Why Is Blockchain Important in Real Estate?
Blockchain in real estate is significant because
it represents a paradigm shift in how things are
done across the industry. Almost all aspects of a
transaction can now be completed online thanks to
blockchain technology. This will not only improve
information accessibility but may also lead to
the automation of various components of a
traditional sale.  
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Blockchain has the potential to significantly
accelerate typical real estate transactions,
bypass the traditional escrow process, and
provide additional layers of security for all
parties involved. These advantages represent a
departure from how things have traditionally been
handled in the industry.
Since their first applications ten years ago,
blockchains have progressed far beyond the
single-use case of transferring value, and can
now be used to verify, secure, and automate
significant parts of a real estate transaction.
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