This technology consists of all users having a public registry of real estate transactions . That is, before acquiring a property, the buyer has access to the history of the building, such as who its former owner was, how much it was sold, or at what price it was rented.
Another benefit of the blockchain is that it is a system open to all users. In other words, this technology saves time and money for both lawyers and registration procedures since it streamlines the process. It is no longer necessary to go to a notary to know the deed of a property regal marketing, since all the information will always be available.
Finally, the system works in a decentralized way discovery gardens, working on millions of computers at the same time, thus preventing transactions from being hacked. In other words, if hackers attack a computer or a limited network of parts, the entire network does not fall. Technology resists, since its strength lies in that it is not in a single point.
Without forgetting that if by not depending on a third party, for example a bank, your commissions and waiting time also run out.
Until now, private banks, central banks in each country or platforms like PayPal acted as intermediaries. But the blockchain is disruptive since it avoids going through these mediators.
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Thanks to the fact that in the blockchain the users have a “ledger of accounts” of each one of the sales, no third party, such as a bank, the central bank on duty, or a government can modify the registered transactions.
Blockchain networks are already being used in the sale of real estate. How to buy a house with blockchain? This is the process:
1. Buyer and seller generate a smart contract or smart contract, to understand us, a private and secure communication channel, within the public blockchain network
2. The seller certifies the ownership of the building with a digital document
3. The buyer identifies himself and deposits the money in a trust account
4. As soon as the money is deposited and the private identifications of both parties are provided, the system makes the transfer instantly
5. The entire operation is recorded on the public network, making the rest of the users witnesses
The only thing necessary is that both parties have digital identities, without the need to sign any physical contract, or wait for the bureaucracy. In other words, with the blockchain you can substitute the current paper and handwritten signature, reducing the time of the entire buying and selling process.
This technology is already applied in Real Estate to acquire real estate. For example, India, Ukraine, the Republic of Georgia, or even Sweden already have real estate purchase plans in place using blockchain technology.
The Swedish case began in 2016 with the merger of the national property registry office, Lantmäteriet, with the blockchain company, ChromaWay. In Spain, a legal framework harmonized with the entire European Union would still be required to implement this technology, the only certainty is that it is the future.
As you can see, blockchain is a technology that turns commerce into a more transparent and secure transaction, in addition, it has infinite applications, not only in real estate contracts.
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