[Wise Crypto Life] 15. Blockchain and Real Estate
[Wise Crypto Life] 15. Blockchain and Real Estate
Date: Aug. 04, 2021, 06:00 PM KST
[Wise Crypto Life] 15. Blockchain and Real Estate
In recent years, interest in real estate has shot up exponentially. People are paying attention not only in metropolitan areas but also in areas that have been neglected so far. In this Wise Crypto Life edition, we will check the world of real estate that is developing further using blockchain technology.
The Era of PropTech
PropTech is a compound word made up of “Property” and “Technology” that refers to real estate services combined with technology. These days, new technologies such as big data, AI, and blockchain meet real estate to create a new type of transaction culture. PropTech uses AI and big data to identify real estate conditions that users are looking for and provide services such as operating 360-degrees viewable VR cyber model houses instead of actual model houses.
A VR technology that allows people to check properties in a three-dimensional and realistic manner without having to go through the real estate site is also expected to be released within the year. With this new feature, users will be able to schedule a home-viewing at their own convenience and comfortably check every inch of the house without awkward interactions with real estate agents and homeowners.
Real Estate Contracts Using Blockchain
If you find a good house online and contact the real estate office, it is common for the real estate agent to recommend a different place, claiming that the one you saw is already taken. Despite the chronic criticism of such false sales, the problem is rarely eradicated. In the future, a service will be established to issue and register real pre-validated listings through NFT using blockchain technology.
It won’t be long before blockchain technology is applied to real estate contracts. Real estate contracts are crucial contracts that cost a lot and prove important rights, making them ideal for using the characteristics of blockchain technology. Using blockchain technology that cannot be falsified can prevent people from claiming rights and being scammed by forged contracts. In addition, a smart contract will automatically terminate unavailable listings from being published on the platform, enabling more accurate information to be delivered. With blockchain contracts, various problems caused by information asymmetry in the real estate market can be solved.
From Investing in Real Estate to Creating Your Own Maps
This month, Daegu City announced that it will open a ‘Make My Map’ service produced using blockchain technology. Previously, there used to be a service that marked the places on the map that were most often visited by the user, but the differentiation point of Daegu’s ‘Make My Map’ is that if you authenticate yourself with a blockchain-based identification application, you can create your own map without giving more personal information. This eliminates the fears of being tracked every step that many people feel nowadays.
Additionally, a game that allows one to make their own building in the metaverse space and sell it as an NFT has also appeared, along with services that can split expensive real estate through smart contract functions and allow users to invest in parts of the property. As such, in the future, real estate and blockchain technology are expected to attract many people’s attention by not only bringing great convenience, but also adding fun and interesting elements to the field.
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