In real estate, sellers, resellers, tenants, and agents depend on subscription based costly multiple listing services (MLS) to access information about a property such as its location or features. Lack of standardized processes results in low accuracy for the pieces of information obtained from MLS. Moreover, the search process is exhausting as the data is fragmented across multiple platforms. This, in turn, result in a delay in reduced trust in the information obtained from MLS and cause delays in decision making.
A blockchain-based MLS solution solves the problem by distributing data across in a transparent network so that agents, brokers can have more transparency and easy access to the data. The data shared by one broker or agent will be accessible to all other agent and the validity of the shared information can be endorsed by other agents. The data added to the system as endorsed by a defined majority of agents cannot be altered without the notice of each and every other in the network. This solution can enable easy access to property details on property location and address, comparable rental rates, ownership history, tenant details, the age of the property etc.
Every retailer today pays a high cost to make sure the validity of the exchange of goods, money and data. They must compensate third parties for their services and wait for each party to finish its work before receiving payment or transaction confirmation. Block chain-based secure transactions can reduce the need for such third parties, resulting in the following benefits.