The real estate sector is one of the most lucrative industries in the world with returns growing higher every year, even considering the unstable political conditions that prevail over the country due to the abundant corruption among numerous sectors in the country. Real estate sector is no exception to this sad reality.
One of the main reasons for this corruption is the incorrect values of the real estate which are recorded as the government organizations which record land transactions of different areas of the country and also among private individuals. This can be combatted with the correct recording of the value of these properties so that all parties are aware of the prices; this is where the blockchain comes in. At qitmeernetwork we intend building a blockchain that will be usable by the real estate industry. Since you all know the blockchain is a distributed ledger for record keeping in which all the transactions can be viewed by anyone on the block chain and even observers from outside the block chain can view these transactions and their value.
That means it’s a technology which is formed around open data which is accessible to numerous users on the network and even to users who are not a part of the network making it much like a public market place, much more detailed than a stock market or a foreign exchange market. One if the most commendable features of transacting on the block chain are that unlike traditional market places, theft can be avoided because in the open ledger system that the block chain employs, the ledger needs a form of identity to and from which the transactions take place. This identity id created in the form of a wallet for most applications with a unique identification code. Therefore, when transacting, the transactions are verified by users on the network and thus it is defined as a market place where parties who are exchanging assets can be verified (Malviya, 2015).
Smart contracts are contracts which can be completed without any human interaction. It serves as an escrow but automated. This means that through smart contracts created by qitmeernetwork a person can exchange anything of value, be it real estate, shares of a company or any legal binding contract using a transparent process which is executed only when the conditions of the contract are met and all this without the services of a middle man.