As cryptocurrency speculators have ridden the Bitcoin wave up (and down) over the past year, a special group of worldwide professionals has come to understand the potential benefits of this technology: land investors, developers, operators, and repair providers. Their shared cautious optimism has little or no to try to to with the increase or fall of cryptocurrency prices but instead comes from the promise of the underlying technology that ignites Bitcoin and its offspring: The Blockchain.
A Blockchain may be a sort of a distributed ledger that operates via peer-to-peer. this suggests that each participant has his or her own copy of the ledger and there's no central record of account. Once recorded, ledger transactions can't be altered and each copy of the ledger is identical across the network. The network and every one constituent part act as a database that records transactions generating an immutable audit trail for transactional activity. The network is often either completely open or open only to trusted counterparties.
What benefits could Blockchain provide to players within the land industry? Here are two areas that suffer from efficiency problems where Blockchain technology might be an efficient solution:
Leasing and Technology
In owning and managing a billboard or residential property, there's a mess of service and payment transactions that has got to occur between the lessor, lessee, and other third parties. Appreciation, cash flow, and tax information must be recorded, tracked and verified, and compliance maintained. Therefore, managing properties and tenants, and enforcing the agreements around lease terms requires a far better platform for consensus and reference also as payments.
Placing contractual bonds on a Blockchain can result in secure cash flows and automate payments with real-time reconciliation. Automating these actions via rules-based business logic is usually mentioned as “Smart Contracts” within the blockchain community. The term Smart Contract is typically a misnomer, as these documents aren't very smart on their own and are typically abiding by software code, not legal agreements. In essence, a written code automatically executes a transaction counting on various conditions, almost like an IF-THEN Excel function.