Creating a Global Real Estate
Marketplace on the Blockchain
We have converted the first real estate to NFT as a more reproducible and legal way, which marks the first step towards merging real estate with tradable blockchain finance.
As of 2021, the global value of the real estate sector is estimated to be approximately 280 trillion US dollars
The real estate market has a global value of $280 trillion, with a market volume of $7,063 billion in 2022. International real estate transactions make up a small portion of the sector due to various factors, including legal barriers and cultural differences. However, the adoption of digital technologies like blockchain is likely to expand the market's reach and increase its overall value.
Real estate market faces challenges such as slow transactions, lack of transparency, information asymmetry, high entry barriers, and fraud risks, limiting access and opportunities for many.
Local regulations, practices, and cultural barriers can hinder international transactions in the real estate market. Government laws and complex lending requirements from banks can cause delays and confusion for buyers and sellers, along with varying property laws and building regulations. These legal and regulatory requirements are time-consuming and require significant paperwork. Simplifying the lending process can create more accessible financing for all parties involved.
Blockchain, with smart contracts and digital tokens, can make real estate transactions secure, efficient, and accessible while reducing intermediaries and improving transparency.
Real estate on the blockchain involves creating a digital record of ownership for properties and transferring it to the blockchain. This can eliminate the need for paper-based deeds and provide a secure and transparent way to verify ownership. A marketplace can be created for buyers and sellers to connect and smart contracts can be used to automate transactions. By building complementary services such as property valuation and mortgage financing, the real estate industry can become more efficient, secure, and accessible. Decentralized finance (DeFi) can be leveraged to provide financing and liquidity for real estate transactions, creating a more accessible and inclusive market.
The future of real estate on blockchain is bright, with the potential to create a more secure, efficient, and accessible market. Blockchain can eliminate intermediaries, reduce costs, increase transparency, and enable new forms of ownership. The adoption of blockchain technology is expected to lead to significant transformation and growth in the real estate industry. Similarly, international real estate transactions are moving towards a more e-commerce-like approach using digital tokens to represent assets, making it easier for a wider range of people to access real estate investment opportunities and increase competition in the market.
The adoption of blockchain in real estate has the potential to transform various sectors, including renting, maintenance and repair, interior design, insurance, and inheritance. Blockchain can enable new forms of leasing, transparent property upkeep, virtual reality interior design, and secure property ownership transfer. The overall result is a more efficient, secure, and accessible market for all.
REOB on blockchain can simplify lending, enhance security, and create a more inclusive real estate market by
leveraging DeFi and mortgage financing.
Bixos is a blockchain development company founded in March 2020, offering innovative blockchain solutions such as NFT-Stake, GameFi, Crypto Payment Gateway, Advanced DAO, and Real Estate NFT Conversion. Their goal is to revolutionize the way we interact with the digital world through blockchain technology. Visit their website at bixos.com to learn more.