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Main article: Blockchain
2022: How blockchain is helping the property market
On June 21, 2022, a report was published, according to which blockchain can help tokenize real estate and trading operations, like cryptocurrencies, by including smart contracts in blockchain platforms.
Blockchain technology can provide property or land ownership management through unchangeable records and verifiable transaction history for land registration and transfer, said Sristi Assudani, head of blockchain platform SettleMint. The technology can also be used to improve the efficiency of property management through the use of smart contracts.
Srinivas Mahankali, business director at blockchain specialist SecureKloud Technologies, says there are several regulatory and administrative challenges in implementing blockchain real estate tokenization as of June 2022. If and when this is implemented, it can greatly simplify and speed up the process of buying, receiving dividends and financial benefits from real estate ownership around the world.
Kamlesh Nagware, chief technology officer at Snapper Future Tech, a global blockchain development company, noted that fractional ownership also helps small retail entrepreneurs own some of the property. Thanks to this technology, a new business model will be created for owning part of the property, which can be traded using blockchain-based tokens.
Another use of blockchain, which experts believe can help the growth of the real estate sector, is the issuance of certificates of no objection (NOC) and other certificates of compliance that can be registered using blockchain technology. This will promote trust and transparency.
{{quote 'Blockchain and smart contracts could potentially transform paper and offline commercial real estate transactions such as sales, leases, financing, etc. Blockchain technology makes it possible to make smarter decisions by providing real-time information, says Sharath Chandra, vice president of research and analysis at blockchain specialist EarthID. }} The report, titled Real Estate Use Cases for Blockchain Technology, which was released in 2019, said asset management investors are constantly looking for ways to increase or retain liquidity opportunities, allowing them to strengthen positions and manage risk.
{{quote 'For example, an investment fund may own several large commercial buildings in one city, but may want to enter another city as part of a strategy to diversify or expand the portfolio. However, they may have no desire to buy an entire building or investment block. Instead, they may want to buy a smaller securitized portion of the property, the report said[1] }}
2019
For the first time in history, real estate was sold through a blockchain system
In mid-July 2019, the first transaction for the sale of real estate using blockchain technology took place. She was imprisoned in Brazil. Read more here.
The mortgage was driven into the blockchain and accelerated real estate transactions
In late November 2019, DLT Coadjute announced a deal with Natwest Bank to allow bank customers to control the home purchase process through a blockchain app. Read more here.
2018: Details of the experiment of "blockchain registration" of real estate transactions in Moscow
A number of details of the upcoming experiment of Rosreestr with the "blockchain registration" of real estate transactions in Moscow have become known. The relevant materials of the department were at the disposal of Kommersant. According to the newspaper, the experiment starts in the capital on May 14, 2018. Read more here.
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