Soon, people will be buying parking spots, vacation rentals, and even dream homes on a blockchain. Blockchain technology is becoming increasingly popular among venture capitalists, sellers, and buyers. Through a blockchain, they can interact with each other and even scrutinize properties before making a purchase. Talk about increased transparency and greater trust – the prerequisites for succeeding in real estate.
So how can blockchain technology benefit your property management clients?
The blockchain protocol’s framework is decentralized. Data stored in this protocol is not kept on a centralized location or server. This decentralization ensures data availability even when one or more servers fail. Most land records, which are paper-based, are stored in centralized locations where they are prone to disasters. What’s more, these records are susceptible to corruption. This tanks their security and authenticity. Furthermore, the pen and paper system makes the land registry-related activities intricate and time-consuming.
Storing property records digitally on the blockchain creates a vibrant land registration system. Since the records exist in a decentralized form, one can retrieve them from any location. The blockchain’s shared platform discourages data manipulation and fraud. It is impossible to edit or erase data stored on a blockchain. Hence, it is hard to exploit it. With this technology, property data remains tamper-proof.
Notably, the prevailing system has a big network of stakeholders. With paper-based records, information reaching the stakeholders is likely to be fragmented and incorrect. This weighs heavily on the customer who must repeat the same procedure.
Moreover, a paper-based record keeping system breeds mistrust. This lengthens and complicates the data retrieval process. Also, the lack of uniformity of the documents distributed among stakeholders results in fraud and data redundancy in the property management system.
The blockchain technology ensures transparency by presenting all stakeholders with the same set of data. Also, whenever one stakeholder makes any changes, the blockchain protocol updates all the stakeholders with a digital signature and timestamp. The blockchain ledger eases the data retrieval process. Furthermore, it cultivates and sustains stakeholder honesty and transparency.
Given these perks of adopting blockchain technology, it is high time your property management client embraced it.
Wondering how to help your property management client digitize their value chain? Contact us today!