Real estate market has also been favored by the great advantages of the blockchain and the Cryptocurrencies so much that Cryptocurrency 10 has decided to accept real estate transactions in its new Cryptocurrency exchange platform that will soon be launched and will accept B2B transactions, Bitcoin, Ethereum and Tether. Propy which is a real estate company, acknowledged that it had made the first property sale through the blockchain. It was an apartment in Ukraine, valued at 60000 dollars. According to Alex Voloshyn, director of technology for Propy, the process was very efficient.
Another advantage is related to decentralization. When someone wants to buy real estate overseas you will find insurance with a number of barriers, such as outdated property regulations, continuous roundtrip travel, delay in bank transfer and money loss/deduction in monetary conversion. However, with blockchain, the future of buying real estate abroad will be immediate.
Blockchain advantages in the real estate Market
"While the traditional real estate sector is paper-based and involves a large number of third parties, including brokers, custodians and banks, the blockchain allows people to transfer funds, property titles and data in a more peer-to-peer manner Which is digital and open source, "acknowledged by Ragnar Lifthrasir, founder of the International Blockchain real estate association and Velox.RE, a Blockchain real estate company.
Through blockchain, people can make a deal without converting currencies and also manage to eliminate third party intermediation and reduce transaction fees. “Cryptocurrency allows fast and frictionless transfer of values worldwide," said Emin Gun Sirer, associate professor of computer sciences/ICT and co-director of the initiative for Cryptocurrency and smart contracts at Cornell University. "This permits someone in Germany to be able to send Bitcoins easily for land purchase in Belize," he said.
In addition to Propy, other real estate companies have started working with Cryptocurrencies. Ben Shaoul, president of Magnum Real Estate Group, clarified that the company will accept Bitcoins for its new project East Village, Manhattan, Liberty Toye. "For the next 5 or 10 years," he acknowledged, "I could see up to 25% of the payments in Bitcoin or in a digital currency. This is going to be the future, and many developers will begin to adapt and offer the same option, "asserted Shaoul.
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