Blockchain Could be the Real Estate’s Game Changer
Kenya’s real estate sector has recently been awakened by the growing middle class and rising disposable income, with the local industry being more robust than almost anywhere else in the world.
Strategic plans and technological innovations are essential for the sector to remain competitive, embracing all the emerging trends being key.
Real estate has been known to favor innovative experts who integrate developments in the sector early enough as they end up enjoying long-term success.
Interested buyers have been undergoing a laborious process, intermediaries such as the banks, lawyers and government agencies being unavoidable intermediaries to them which end up making the procedure quite expensive and slow.
The sector has for decades lacked efficiency during transactions, something which Blockchain technology is set to address effectively upon its introduction.
Blockchain is as a technology that enables the secure and permanent storage of a digital ledger of transactions, contracts, agreements and other information collected by a network of users.
This technology introduces several advantages into the sector, with transparency, security and speed being a major benefit. Participants will have the ability to access, verify transactions or information stored in their ledger with ease. Therefore, it will fasten purchases, readdress tracking and transferring of assets entirely as well as the valuation process.
Most importantly, the stored information is recorded using cryptographic principles and distributed across a network in a manner that makes it secure. Third parties cannot alter the data.
With these advantages, home buyers will have the ability to engage with the developers eliminating the go-between directly.
Once put in maximum use, the Blockchain technology will significantly save the real estate investors their hard-earned money and fraud cases will be a thing of the past as the records will be readily accessible, posing zero chances to be interfered with.