For real estate, the blockchain technology has the potential to change the way we transact. Developers are developing smart contracts, which will enable real estate contracts, escrows, property records to be completed and funds distributed without title companies or attorneys. These contracts are often compared to a vending machine concept: You deposit your money, and the machine spits out a product with no human intervention.
Transferring property listings to the blockchain would mean opening up access to all available property for anyone to review. Along with the listing, you could include any terms or conditions that would need to be met for a successful sale. Smart contracts behind the scenes could handle the rest of the transaction–transferring funds in exchange for the blockchain title to the property.
How blockchain can improve the real estate?
1) Improve property search process.
2) Ease leasing and subsequent property and cash flow management.
3) Transparent and relatively cheaper property title management.
4) Enable more efficient processing of financing and payments.