A decentralized registry of facility elements and manufacturers of building materials could also be created on blockchain. In this case, any new company, whether it is a factory or some contractor will just have to install a certain software developed with cryptocurrency development services, download the entire blockchain registry and start working and interacting in the system. That is, all deliveries of equipment and materials will go on the blockchain, and in the BIM model, as a visual environment, it will be displayed.
Blockchain technology in the business
There are very few blockchain-based services that are fully operational yet. There are too many people in the real estate industry who want to make no mistakes, which means they refuse to innovate. But the biggest obstacles to blockchain adoption in real estate are not technology or legislation, but the industry itself, which is afraid of change.
What could change with the massive use of blockchain
As soon as new products come out with decentralized real estate solutions, people will start using them. After all, the introduction of blockchain in real estate eliminates the misuse of funds, reduces production costs and increases the quality of finished real estate. All processes in the industry become transparent and reliable. It becomes possible to securely store ownership data, create smart contracts for construction projects, provide peer-to-peer lending for real estate transactions, and sell, lease or mortgage square meters. And since the “blockchainization” of real estate is beneficial to all market participants, it means that this technology will very soon enter our lives to the fullest extent.
Blockchain can enable the owner to know everything about the agent, if an appropriate registry is created. On such a platform, a realtor’s entire track record would be transparent. In addition, the philosophy of blockchain allows the formation of an honest rating of a specialist – it is impossible to delete negative feedback about the work of unscrupulous realtors, and the publication of a review is rewarded with tokens, which can later be used to buy a home, which encourages writing it. Blockchain will automatically promote the best ones, and consumers will be able to choose just them.
Blockchain is a so-called distributed data registry, which we are already starting to use in our databases. Suppose it is possible to store property registers exactly in blockchains. That, I think, is the future. Is the future in cryptocurrencies? It is hard to say. I think that in any case in the nearest future the calculations in common units will be of higher priority.