Smart Contracts Are… Smarter
It’s all agreed upon through smart contracts that are written into the blockchain.
Once the terms of the contract are executed, they remain enforced at all times. They’re also visible on the blockchain, so the terms of your agreement remain transparent. Real estate transactions aren’t fast. They’re not easy to process. Blockchain can’t eliminate local regulations on housing, but it can speed up the process of ownership transfer and verification by using smart contracts.
Smart contracts can also help eliminate real estate fraud. False listings, forged documents, and rental scams will all be nearly impossible when digital ownership is linked directly to a property on the blockchain. In the U.S. we have problems with more elaborate fraud and scams involving listings, but in poorer countries, the fraud is sometimes much more straightforward. Someone simply gets into a database and changes records. Now they own someone else’s land. Recording final transactions to a blockchain makes is nearly impossible to tamper with them.