Beginning with finance, blockchain applications have impacted payments, remittances, and foreign exchange; ICOs (initial coin offerings) have challenged stock investing, startup loans, and venture capital. Elsewhere, supply chains in food, pharmaceuticals, manufacturing, and lots more industries have all begun or are in the midst of exploring the technology to fulfill a range of needs.
Not surprising then that blockchain technology has also disrupted the USD 228 trillion global real estate market. Traditionally, transactions in high-value assets such as real estate are often conducted face-to-face and offline among various entities.
Blockchain technology has, however, opened up new ways to conduct such transactions. The introduction of smart contracts has allowed assets to be tokenized and traded the way cryptocurrencies such as bitcoin and ether are traded online.
Invest and Own Property Anywhere in the World
Contracoin is one such real estate platform. It is designed to allow property investors anywhere in the world to invest in and own real estate in global markets. Its platform is an online marketplace where buyers and sellers can be connected without intermediaries through published property listings, which can be purchased by the Contracoin token (CTCN).
Designed to streamline international property transactions, the CTCN overcomes challenges facing cross-border remittances. It can eliminate complicated banking processes or fee add-ons, reduce costs, speed up fund transfers, and remove restrictions imposed on cross-border transfers. Property investors are able to use CTCN to purchase up to 100% of the selling prices of international real estate.
No Longer an Illiquid Asset
Traditionally considered an illiquid asset, real estate sales required a period of time to conclude. However, with the advent of real estate tokenization, this is no longer the case.
The CTCN, as is the case with other cryptocurrencies, can immediately be traded in an exchange for other cryptos and tokens or even for fiat currencies, depending on the exchange that it is on.
Smart Contracts Ensure Trustless Transactions
Intermediaries such as brokers, lawyers, and banks may either no longer be necessary or see a shift in their roles in such an ecosystem. Besides getting rid of manual errors, smart contracts ensure that these trustless real estate transactions are secure, transparent, and immutable.
Cutting out intermediaries will remove or reduce commissions and fees and even enable processes to be quicker as the back-and-forth between middlemen is cut out.
The New Age of Decentralization
The concept of blockchain decentralization is one that has been intertwined with that of democracy and access to all. Real estate tokenization has lowered the traditionally high barriers of entry of property ownership to just about anyone who can afford the price of one token unit!
As industries everywhere undertake their digital transformation journeys, accelerated, no doubt, by the COVID-19 pandemic, blockchain disruptions will continue to be ever more prevalent.
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