Several industries are experiencing obstacles to their growth. In the supply chain industry, fraud, theft and wastefulness prevent it from reaching its full potential. Healthcare is bogged by legacy patient data systems. And we all know the problems plaguing payment systems and banking.
When first the developers, and then the masses, saw the potential in a distributed ledger to revolutionize different industries, several teams jumped on the blockchain bandwagon to become the first player in these niches. We now have multiple projects working to overcome the obstacles in the aforementioned industries with blockchain technology.
The industry we focus on here, that of real estate and property, faces its own dilemmas too. Skyrocketing prices and a free-for-all for what few homes are available make the rental procedure for potential tenants a dreadful experience. There is little trust between landlords and tenants, and the paper-based system of home-ownership and renting make it time-consuming and tedious. In some cases, processing takes over a month. In short, people have trouble finding homes, being allowed to stay there and paying for them. You can read more about the housing industry and the crisis in this article.
That sounds very much like problems that can be tackled by a distributed ledger system. Secure payments and refunds? Check. Trust? Check. Digitalized data sharing? Check. Near instant confirmation? Check.
In fact, there has been a growing belief in blockchain’s ability to better the property industry – even on a national level. Sweden is deliberating how blockchain and smart contracts can be used for real estate transactions. Georgia, Brazil and Honduras are the doing the same. When something captures the positive attention of a government, you know there’s something to it (whether or not the government makes a mess of it is a different matter.)
Let’s take a look at the different projects working ...