Manhattan’s Real Estate Market Finds a Catalyst in Blockchain
The real estate industry is tripping over its own feet in its attempt to keep pace with the raging demand for habitable urban spaces. California-based blockchain company HashCash Consultants will be working with a prominent Manhattan real estate firm to streamline its operations using DLT. The collaboration will be put down on paper in the first quarter of 2019, taking the blockchain revolution another step forward into this industry.
The demand for new constructions is not unique to the crown jewel of the real estate market. A recent report by Grand View Research predicts the global market for real estate to rake in USD 4,263.7 billion in revenue by 2025. Several factors that have been cited to fuel such an upward movement include an increasing demand for habitable space in regions undergoing rapid urbanization to accommodate migrating populations. This influx of people is driven by varied causes, ranging from civil unrest in other parts of the world, to simply higher incomes which have enabled people to buy property is multiple locations.
Current Infrastructure is Outdated
The process of acquiring a plot of land, drawing up plans to construct a structure there, actually building the structure, renting/leasing/selling it for commercial and personal household usage, and maintaining it, involves more than one professional specialization. Real estate market involves lawyers, banks, electric power suppliers, and municipal corporations, among others. Not only does each of these elements supply their own set of paperwork to the operations of one project, but there are also extensive interchange and sharing of that information between these agents as well. The absence of an efficient infrastructure can push back the completion of a project by months, if not years.
Blockchain can Expedite Operations
HashCash Consultants will provide the builders with a blockchain platform running on HC Net to effectively compress the time and effort required to synchronize relevant documents amongst the different actors. The decentralized, distributed technology will give access to a data cache containing records, reports, and deeds of every kind common to all the participants or nodes of the blockchain. This data will be continually reconciled and updated in real-time in every node, taking away the dependence on another to provide one with important project updates.
Moreover, the data stored in a blockchain is encrypted and immutable, preventing every scope of foul play by any party. The transactions made on a blockchain network are validated by an automated computer protocol called smart contracts, which further makes business on a blockchain free of bias.
Road Ahead for Real Estate and Blockchain
Surveys by the United Nations has shed light on the trend of cities transforming into megacities with bustling urban amenities. In the United States, commercial real estate business has seen a massive development in the last decade owing to the proliferation of competing companies entering the regional market. Other developed countries have government reforms, lower rentals, and mortgage rates as a driving factor for the expansion of the sector. Developing regions like India, China, and certain African countries, are also fertile grounds for a booming real estate market.
For technology watchers, real estate in these regions is definitely where blockchain can have a real impact in the industry.
About HashCash Consultants
HashCash Consultants started as a Blockchain Consulting Company in California. Today, HashCash products enable enterprises to move assets and settle payments across borders in real-time using HashCash Blockchain network, HC NET. Financial Institutions use HC NET for Retail Remittances, Corporate Payments, Trade Finance, and Payment Processing. HashCash also runs the US based cryptocurrency exchange, PayBito and the leading Cryptocurrency payment processor, BillBitcoins. HashCash offers cryptocurrency exchange and payment processor white label solutions, comprehensive ICO services and customized use case design and development. HashCash propels advancement in the field of blockchain through the Blockchain1o1 program and its investment arm Satoshi Angels.