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According to them, the use of the
technology would go a long in mitigating severe lack of transparency, closeness
of the sector to certain people, high taxes/investment fees, lack of liquidity
in the industry, delays in transaction speed and issues of pricing commitments.
Blockchain technology is a time-stamped
series of immutable record of data that is managed by a cluster of computers
not owned by any single entity. Each of these blocks of data are secured and
bound to each other using cryptographic principles or chain.
The decentralised-record-keeping
technology, which is designed to instill trust in the authenticity of digital
transactions, could be used to create efficient solutions for both commercial
and residential real estate, from buying property to conducting due diligence
and to enabling crowd-sourced investments. It is useful in property management,
off-plan sales, property technology process (PROTECH), smart estate management
using Internet of Things and more.
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Speaking at its Royal Institution of Chartered Surveyors (RICS) Nigeria Group’s
second continuous professional development series titled, ‘Blockchain: The brick & mortar of its growth in today’s world’,
the Managing Partner, Blockchain Asset Management, Deji Soetan, said the blockchain as one of the emerging
technologies brings in several utilities into the real estate ecosystem.
This, he stated include the smart
contracts which could protect owners from property fraud. He said through the
technology, it is possible to link the digital ownership of individuals’
property, documents, and contracts directly to the blockchain stressing that
once inside the blockchain, it is impossible for it to be tampered with or
altered.
He reinforces believe that the
technology would soon gain notoriety even in the least expected industries.
Soetan explained that everyone who is part of the network can see all the data
that is stored inside the blockchain and every single piece of data can be
traced right to its very origin. He also said the process permits immutability
of records as data inside the blockchain cannot be tampered with because of
cryptographic hash functions.
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The ICT expert declared that the proof
of the technology’s merit was seen in the development of an excise trade
management solution for the Nigeria Customs Service. The proposed solution, he
added enabled the business processes within the excise trade to be automated to
create better revenue assurance, optimum efficiency and transparency utilising
the Blockchain technology.
“Within the context of
payments, introduction of smart contracts into blockchain real estate ledgers
and transactions has clear potential in streamlining various real estate
processes, such as releasing apartment ownership, or rental documents upon a
completion of a crypto-currency transfer. One important area where it would be
used is in the speed of transaction because nowadays, the process is still slow
making it be so archaic and needs to be modernized.
“Real estate players need to
look at the challenges of their industry. For example if it has to do with
transfer of titles, they should look at the problem to be able to come up with
the solution for efficiency and how to pass land titles from one party to
another. Using distributed ledgers to enable the coding of simple contracts
that will expedite when specified conditions are met. With the use of open
source programming languages, the creation of smart contracts are being used to
perform functions such as derivatives being paid out when a financial
instrument meets certain conditions,” he
said.
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The RICS Chairman, Nigeria chapter,
Gbenga Ismail, while speaking with newsmen, observed that the use of the
technology is becoming rampant; hence, there was the need to make real estate
practitioners understand how it works, see its opportunities and possibilities
for the industry.
“At RICS, we brought the
issue to the fore, to enhance our industry. The technology will bring trust to
transactions, especially in a trustless society, advances land registration
where people could secure their property records,” he said. (Guardian)
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