If you’re buying or selling a house and finally got your offer accepted, congratulations! But don’t do your happy dance just yet. Having your offer accepted is the easy part. There are a lot more uncertainties you still have to go through before you can finally move out or move in. There’s the question of the buyer’s ability to pay, wherein you have to do a financial background check first. And when they did qualify, and the processing started, you have to go through a lot of record-keeping to ensure that everything is documented. Then, it would take you forever before the payment is processed. This is the traditional way of processing real estate transactions, but that will change soon.
Platforms that use blockchain technology, such as the Virie Market, will be the best way to avoid such a painstaking process of real estate transactions, but first, let’s define blockchain in the simplest way.
What is blockchain?
Simply put, blockchain is a decentralized, public, and distributed ledger that is used to record transactions across many computers. This makes it extremely impossible to retroactively alter the records because that would require them to also alter the subsequent blocks and the consensus of the network. In short, the transactions stored in a blockchain can never be hacked.
Why is Virie the best way for real estate transactions?
Virie Market uses the most advanced blockchain technology to process any transaction, including real estate transactions. While it’s true that others are already attempting to use blockchain to leverage in the real estate industry, they are still far from completion, whereas Virie has already gone ahead and completed the project. Albeit they are yet to launch its IEO (they will soon), the platform is now up and running and is now ready for mass consumption. All you have to do is download the application, and you can start using it already.
What are the benefits of Virie’s real estate blockchain?
More control to property data
Virie allows users to have more control over their data that a broker or a real estate agent can’t do. This will drastically reduce costs, improve transparency, and enhance the visibility of international listings.
Background checks will be much faster
Contrary to the traditional methods of background checking, Virie’s real estate blockchain technology has multiple verifying parties within the network that will make it a lot quicker to validate the information.
Automated cash flow management
Since Virie has Smart Contracts, all processes involving the stakeholders who are coordinating among each other for the distribution of lease pay-outs and pay maintenance charges are automated. All of these transactions can be recalled for future reference.
Lesser or no intermediaries
Within the Virie Market, the buyer and the seller of a property can directly communicate with each other, which lessens the need for any intermediary, if not completely eliminating it.
Improves decision making
The stakeholders involved in the real estate transaction can have better decision making using the insights generated by data analysis and the availability of real-time data.
Real estate is a continuously evolving industry, and with a blockchain-based market such as Virie, your uncertainties on buying and selling property are now a thing of the past. Download the application here, and experience the best way for your real estate transactions now.