Blockchain offers a better alternative to the legacy valuation processes in the real estate sector.
FREMONT, CA: Blockchain is considered an extremely disruptive technology that promises to transform the legacy processes beyond imagination. Real estate players are also eyeing blockchain as a technology that will bring transparency and clarity in the business. Blockchain offers a broader digital view by linking data sets from various sources. When coupled with other technologies such as artificial intelligence (AI), blockchain can also bring transparency to investment decisions. The ledger system of blockchain accounts for the automatic authentication of a property. The validity of a property’s valuation can also be verified easily from any online device.
The blockchain-driven transformation of the real estate valuation will not only save time and money for the parties involved but also ensure the security and confidentiality of data. For instance, financial institutions are relying on property valuation platforms that utilize blockchain technology to record essential property information, such as property valuation. Such a platform is simplifying the process of property valuation for the banks as well as the customers.
Through the platform, the bank can request the surveyor to collect the details of a property. Once the task is accomplished, the full report can be prepared by filling up the property valuation form. The form can then be uploaded on the blockchain that can be accessed by the bank in real-time. Further, blockchain allows verifying and processing all the information that has been recorded, and the level of security offered by technology is unparallel. Moreover, blockchain is not under the control of a single entity, thereby making the information impossible to be altered or tampered.
While it’s difficult to eliminate discrepancies within the paperwork, blockchain is being eyed as the technology will eliminate ownership as well as property valuation issues. Property valuation involves data from the land registry, sell-side, as well as from property records and investors. The immense potential of blockchain technology to bring transparency and legitimacy into the real estate valuation processes will assist in transparent real estate transactions.
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