Blockchain in Nigeria’s Real Estate MarketRichard Ogunsola
In Nigeria’s real estate market, there are various extra charges and bureaucracy involved in rent and purchase of property. This fees sometimes go beyond the actual price of the property. Blockchain technology in the sphere of real estate could hold the key to eliminating most of those costs by reducing the delay and error of middlemen, reduce fraud (Realtors, Estate Agents, Land grabbers also known as ‘Omo onile’ etc) and transaction cost.
Basically, Blockchain technology compiles records of transactions into systems called blocks (an online ledger that manages and distributes recorded transactions), which are secured by cryptography and documentation of past and present records, thereby giving anyone connected to the network a copy of it.
Technology and real estate experts are of the opinion that Blockchain technology has an important place in the commercial real estate market because, landlords, sellers and intermediaries (such as sales reps, estate agents, lawyers etc) all have access to the historical data for both the specific property alongside the commercial real estate market as a whole. No more entering data in multiple places, multiple times.
Prominent Real Estate Blockchain Solution
In other climes, Blockchain startups are already disrupting real estate, and those worthy of note are:
Propy being the most prominent real estate Blockchain solution is dedicated to solving the problems of purchasing property across borders. Their Blockchain solution offers Global Property Store with a decentralized title registry. Their platform has one of the friendliest user interfaces that clients will come across. It allows buyers, sellers, and all other parties to transact through smart contracts.
If Propy is adopted as a blockchain approach in the commercial real estate business in Nigeria, then it cleans the whole process and streamlines it considerably. Moreover, It will reduce a lot of paperwork and reduce the number of people involved in real estate transaction process.
Transparency is another attributes of adding Blockchain to the Real Estate industry. As usual, blockchain will make data open to everyone and verifiable on the Blockchain without anybody’s permission. Also, data appended (added) to the Blockchain will be cryptographically secured, thereby preventing governments, individuals and a single party from performing corrupt practices.
Dear reader, at this point, I leave you to think about it, question it, but don’t ignore it.