Block Chain Technology: The Future of Real Estate
11 Aug, 2018 By

Change is the only constant in this world. As for our modern age, technology and innovation has become a catalyst for a lot of changes in our society. These changes pushed us to think of ways on how to live better and become more efficient. As for the Real Estate market here in Dubai, we are beginning to embrace a kind of technology which will make it easier for us to execute transactions and other processes involved.

The word Block Chain may seem new to most of us, but this technology is one of the latest advancement here in Dubai. It was originally intended for cryptocurrency bitcoin by Satoshi Nakamoto. By then, it was used to solve the issue of double spending without the need of a central server. Block Chain is a continuous growing list of records, and is resistant to data modification. This kind of technology ensures that every record is kept secure, thus making transactions easier.

As for Real Estate, there could be a possibility of Smart Contracts. Through the power of Block Chain, digital transactions could easily take place. Keeping records, title deeds, and other forms of contract becomes transparent as well. Block Chain stores all records to thousands of computers, making it impossible to modify.

Block Chain also lightens up a property manager’s task. Not only do they need to keep contracts, they also need to keep important documents like their tenant’s records. Since Block Chain takes care of everything through smart contracts, less effort would be needed for other tasks. When it comes to checking tenant records, there’s no hassle since every data that a property manager needs is well-kept, and has an assurance that records remain untampered.

The Dubai Land Department has already adopted Block Chain for the purpose of making transactions secure, reliable, and efficient. This adoption also opens up more work opportunities but with less effort and much more consistency. Block Chain will totally change the way of Real Estate like never before.

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