Usage of block chain in real estate business for transparency and improved security

Abstract

In recent years, block chain technology is gaining more popularity due to its unique properties like immutability and fairness. Medical, education and IT industry are the some of the fields where block chain is intensively used for the purpose of digital transformation and security. Similar way, real estate industry is moving towards digitization by replacing the pen and pencil business. For this purpose, real estate industry is embedding block chain technology for keeping records and transactions securely and provide transparency to the customers. The distributed data storage innovation, whose intention is to impart trust in the legitimacy of advanced exchanges and to make proficient answers for business and private land together. This will help them in purchasing property to directing due industriousness to empowering publicly supported ventures, and that's just the beginning. Purchasing of our dream house, renting houses for vacation, buying land property, all can be done directly from the block chain. Blockchain technology provides shareable type of record-keeping method which is intended to be hard to alter. Blockchain innovation works through decentralized shared stages, building versatility against the spread of undermined data and boosting protection from misrepresentation. Block chain can provide the daily rate of real estate transactions, a common database of leases and purchases which are frequently required by the customer. Enhancing the traditional Multiple Listing Service (MLS) database to a block chain-based would create a far more shareable ledger system where stockbrokers and mediators can utilize all the entire past business dealing of a property. This book chapter explains how block chain can help real estate businessmen and customers in selling and buying the properties respectively to improve the security of transactions performed, provide transparency to customers in property dealings and increase the service availability to customers always without any delay.