PropTech bringing about Smart contracts.

 


PropTech bringing about Smart contracts.



The most valuable aspect of a real estate transaction is Trust and the lack of this always has impact on it. So its no surprise therefore that PropTech seeks to find a  solution to this with the aid of Blockchain technology by making smart contracts available.


Smart contracts are intended to digitally facilitate and verify a contract instantly and without the need for third parties. Every transaction is entirely trackable and irreversible. This mitigates transactions from a lot of risk and brings trust in place.


It brings security to the procedure, as well as increasing efficiency.


Its no surprise that the legal profession is all over smart contracts.


Moving forward, smart contract would make investing in Real Estate more attractive to investors as it brings trust into the process.


This PropTech innovation will allow contract agreements to be executed as digital smart contracts, using blockchain technology to create a simple and secure transaction for each agreement.


Smart contracts are clearly the way of the future in a form that has relied on hand-written signature for ages. At its simplest, a smart contract is a digital contract that can live beyond its initial execution by facilitating transactions and giving all parties a central record of that contract.


The key point here is the disruptive nature of the market relying on a particular form for ages and that it lives beyond initial execution.


Smart contracts also covers the key element of - Transparency.


Deciding to shift to a smarter solution for contract negotiations will need some learning from both the consumer and people in the real estate industry. However, if we are truly to move the industry forward, it is technology like this that we need to understand more fully and start to implement.


As part of that learning, you can analyse all of the blockchain firms who focus on smart contracts.


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