Nowadays, methods used to buy and sell real estate are changing to keep pace the advances in technology.
Since traders have made a lot of money out of cryptocurrency over the past few years, cryptocurrency turnover is going to intensify on the world real estate market. And that’s why one common example you often hear about is that smart contracts applied to the real estate industry.
Smart contracts are a supplement to the Ethereum technology that could potentially breed further innovation. These smart contracts automate many tasks that would otherwise require multiple intermediaries. This allows for less oversight and trust agents.
And recently in Ukraine, the collaboration between the blockchain start-up Propy and the State Agency for eGovernance of Ukraine enables online settling of real estate transactions, using smart contracts. This is the first deal of a kind, and it is about to revolutionize the real estate market in Ukraine.
The Parties say that this way of buying real estate will attract foreign investors, in fact, will open the market to them. Throughout the next year, pilot programs will be led by Propy in coordination with Ukraine’s Agency for eGovernance. These will coincide with Ukraine’s new legislation to be passed on January 1, 2018, which will grant foreign investors the right to purchase land in Ukraine.
Regarding the practical use in the real estate industry, alongside the other cryptocurrencies, in the future, every person across the world will be able to buy a property online using Ethereum — simply for 24 hours a day. And all the details of such transactions will be recorded in the blockchain. The entire transaction process will be automated by a smart contract and the blockchain technology will reliably protect the one’s electronic certificate of ownership.
Ethereum can also be used in many other fields like health, politics, gambling industry, self-driving cars development, for data storing, assuring security from hackers, privacy from third parties and the best transactions security of all types.