The traditional worldwide real estate industry is outdated. Real Estate transactions are highly complex, terribly bureaucratic, ripe with middlemen, expensive, and dreadfully slow. In usually every real estate transaction buyer and seller are required to work with several third parties, like brokers, lawyers, notaries, banks and escrow agents, who take a fee and slow down the process. In most cases, the costs of `valuable time` combined with `expensive third parties` completely diminishes the upside of the property investment.
“Tokenization” allows us to change the status quo of how we buy and sell real estate properties. In order to “tokenize” a real estate asset, it should be registered on the blockchain. By the merits of the blockchain, tokenized assets allow us to actually transfer real-world assets from one place to another, and re-assign ownership — completely digitally, without the aid of a third party. Tokenized real estate properties can be traded in a simple, cheap, fast and secure way without bureaucratic procedures and expensive middle man.
Once a real estate asset is tokenized, it can be traded by signing a “smart contract”. Registering real estate assets on the blockchain is the most secure form of asset registration, since all records are immutable, transparent, decentralized and agreed upon by all parties through the “proof of asset” or “proof of stake” protocol.
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