Any Country in the world real estates is the main income generating business, coming to the core issues in real estate are delay in processing time, banks 3-4% on average commission, and foreign trade policies. 3-4% of bank charges any property buying or selling – frankly its huge money. The initial idea of bitcoin is to eliminate banks from seller and buyer. Instead of traditional registration contracts, they want to replace with smart contracts.
People wonder how it’s going to implement the blockchain in the real estate industry. The main idea is breaking banks between buyers and sellers, the customer can directly buy any property and the owner will receive the payment as a bitcoin or ripple or any cryptocurrency- once after confirmation from the owner, that property will be updated on the name of the buyer.
Imagine if u have choice to buy 2 properties – one is parking lot in London, another one near to your hometown, if there are no foreign investments restrictions, there will be trustable platform like blockchain – most of them will prefer to buy a parking lot in London, end of the day it gives you good return. Blockchain CrowdFunding- you could buy 1% share in whole $1M worth of properties, tenants will pay the rents through the same network- you will get your share every month.
Catchway implementing real estates blockchain system, where the buyer can see the list of properties available, also take it for rent.