What are the ways Blockchain can support the Real Estate industry in 2023?

Blockchain can improve the real estate industry in multiple ways, including:

• Increased liquidity.
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• A more manageable and easily tracked supply chain.
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• Real Estate tokenization for more control over investments.
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• More exposure to real estate assets and overall greater accessibility.
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• Increased efficiency for the operational side of the real estate industry.
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• Shared data allows for more transparency amongst global financial networks.
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• Reduction in costs due to the removal of manual tasks and human involvement.

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Blockchain and real estate aren't quite the unlikely pair, as blockchain in real estate is becoming more apparent. Plenty of web3 real estate projects are taking advantage of blockchain technology's innovation, such as transparency and cheap real estate transactions, among many other major benefits.

Considering it's now been 15 years since the conception of Blockchain technology and many years of disrupting the banking industry, it's now time for the same to happen with the real estate industry. The real estate industry is historically a slow-mover when adopting new technology. But, as the world upgrades from web2 to a more inclusive web3, can the real estate industry afford to be stubborn and adapt at a snail's pace yet again?

This leaves you wondering, what does blockchain in real estate look like? And what benefits would investors, homeowners, and other stakeholders see?

Here are the six benefits of blockchain in real estate below.

1. Removes Intermediaries

Real estate transactions are incredibly expensive; the closing fees can reach $10k+ with all the lawyers, brokers, and over a dozen other individuals involved in the deal.

Blockchain and technology like smart contracts will remove the need for dozens of people to be involved in the process.

Automating things like document verification and mortgage approvals to a piece of code will, in turn, reduce the lengthy and tedious process of buying a property. Blockchain technology can enact a major reshuffling of these traditional roles.

An example would be creating smart mortgage contracts rather than waiting months for mortgage approval and the constant back and forth.

A mortgage broker could write a smart mortgage approval contract to grant your mortgage request the minute all documents and requirements are provided and fulfilled.

Relying less heavily on brokers, banks, and lawyers within these processes should significantly reduce the associated costs and long processing times. This would be a huge reason to start implementing blockchain in real estate more.

2. Increased Accessibility

Real estate investing is only realistic for those that can afford to buy a property, which isn't many people. People are also deterred by the complicated processes involved in investing in real estate.

Blockchain technology provides people with an alternative; thanks to projects like Parcl, you can now gain customized exposure to real estate by investing in your favorite locations; this is only possible with the support of synthetic assets, smart contracts, and price oracles.

With Parcl, you will be able to trade a synthetic representation of the price return of your favorite neighborhoods.

This means you can invest in your favorite neighborhoods without owning any physical real estate, and the initial investment amount is completely up to you.

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