Industries That Blockchain Will
Radically Transform Apartment Rentals/Real Estate
held by many newcomers to the blockchain world, is that the technology’s potential lies solely in the banking and financial industry. In fact, the recent suggestion of the Indian government to rename cryptocurrency as “crypto assets”, and Warren’s Buffett’s belief that Bitcoin is not in any way a currency, are perhaps closer to the true nature of cryptocurrency than the commonly held belief that it is simply digital money. Cryptocurrencies should not be seen as just money, but as tools. Blockchain technology, which underpins cryptocurrency, has potential in many more forms than just as a medium of exchange and store of value.
The application of this technology to industries as varied as supply chain management, fashion and publishing is a result of the innate flexibility of blockchain. The nature of a platform can be programmed to suit a variety of needs. The sooner an investor realizes this, the sooner they will see how exactly it might be applied to different industries, giving them a degree of clarity with can help them measure the potential of a project to disrupt a particular industry. Given the immense potential of blockchain, we take a look at industries, one at a time, that will be upended by its imminent commercial arrival. The shown here is as folows:
Apartment Rentals/Real Estate
Long-term rental is the norm for the younger generation
and it, in fact, may be the more prudent living option. The business of finding a house or apartment, interacting with landlords, handling security deposit and establishing ground rules is a painful one. Young working adults are in desperate need of a solution that makes housing arrangements simple and as efficient as possible, preferably without any third-party involvement. The young minds behind Rentberry, a blockchain-based renting solutions platform, have faced the problems themselves: outdated renting platforms, unrecoverable security deposit, bidding wars with other would be tenants and endless paperwork.
The Rentberry platform employs smart contracts to make finding and renting out a house seamless. Because it directly connects landlords with tenants, it removes brokers and their exorbitant fees from the rental equation. It is also easier for potential tenants and landlords to screen each other, make decisions, establish financial terms and offer payments, because of the auto-enforcing nature of smart contracts.
Like Rentberry, Atlant uses smart contracts to guarantee rental agreements so that neither parties can back out. However, Atlant turns its focus slightly more towards property purchasing. Sellers can list their property assets on the blockchain and, once verified, tokenizes the property value. It then takes the form of a Property Token Offering, where buyers can buy the property. The tokens of this particular purchase can be traded on a decentralized exchange. Beetoken is yet another project in the property space. They aim to establish a P2P network of hosts and guests – like Airbnb but on blockchain. Users are assured security through KYC processes. Services like Airbnb do face the problem of fake reviews and such an issue is remedied by blockchain’s immutability and trust.