Blockchain Technology in Real Estate | NEPAL
To those who relates “illegal bitcoin or cryptocurrency activity” with blockchain, remember blockchain is a technology and cryptocurrency depends on it. Meaning, blockchain holds much more other features out there. Cryptocurrency utilizing just one feature. So, Blockchain and Cryptocurrency are 2 different topics. If cryptocurrency activity is considered illegal in your area/country, then do not relate that “illegal” word with blockchain.
Blockchain is going to win long race in this technical world. There are many features and applications of blockchain. And today we are going to see one of them, i.e. Real Estate and Blockchain. After that we will get into conclusion, “Blockchain Technology in Real Estate of Nepal”.
Record keeping in blockchain technology is designed in a way that it is nearly impossible to tamper the data or record kept previously, which helps in authenticity. And this scenario best helps in Real Estate related business or activity. So blockchain is coming to real estate in Nepal too, sooner or later and will solve potentially higher and complex problems of real estate. Main one is, “this blockchain technology in real estate will create serious problem for brokers and escrow business real estate companies of Nepal in near future, if not wrong will totally throw them out of the Nepali market, if not upgraded their skill and knowledge along with technology”.
The main 3 properties of blockchain is going to help us in real estate too.
1) Decentralization 2) Transparency & 3) Immutable
Tokenized real-estate : Let’s see simply. I am owner of my property or some real estate assets. Now, by using tokenization feature of blockchain technology, I can issue tokens via blockchain technology. And these tokens are like some shares of my asset. Now, great point is here : If you buy that token from me, then you’re also a partial owner of that property, cool right ?. If it’s your partial property, then you can sell it at anytime you want and to anybody via online web based platform, and this platform runs over blockchain technology created for real estate. Great, if you cannot buy 1 crore property all at once, but you can be owner of it partially by buying it’s fraction with Nrs.1 Lakh (just a simple example). This concept is going to help people all over the world, and Tokenized Blockchain Technology in Real Estate of Nepal too will help Nepalese in future. Let’s hope and stay positive for this new initial technology.
Remember all thing comes with Positive and Negative Points.
Since blockchain technology is decentralized, transparent and immutable it will add many positive points when relating to real estate. Why ? Because it’s not centralized meaning not in single power, it’s not private meaning record is available publicly and is transparent, finally its immutable meaning no one can tamper it’s record.
In addition : Real Estate property listing and searching will become more efficient and clearly transparent. Buying and Selling or Exchange can be done online without involving broker, without making any extra visit and trips to location, safe and secure. Depending upon one’s law of country, they can even invest in real estate via blockchain technology, while being physically in different country or location.
(Smart Contracts : Learn about it too)
This is vast field and is in initial period. Lot’s of experience and findings coming in near future, lots of benefits to talk about. Will do that later, for now this much.