The parties involved in a real estate transaction will digitally sign the smart tenancy contract, which includes details of payment terms and frequency among other information.
Based on the information fed into the system, the smart tenancy contract will initiate lease payment to the landlord or other vendors in accordance with the contract.
The validation process will establish the trust required to transact remotely without the need for a thirdparty intermediary.This means using a blockchain platform will result in lower cost, greater certainty, and a dramatic reduction in counterparty risk.
Blockchain is full-proof evidence that you have purchased or sold a property with proofs of ownership, exchange and transaction.
Trust and transparency
Immutable record of property ownership and conveyance, blockchain can provide a certainty of information that allows for a greater level of trust and transparency.
Smart contracts will reduce the friction of doing the transaction and make real estate more transparent and liquid by Blockchain.