The first event was reported about in 2012 — the owner of villa in Israel sold it for 5000 bitcoins. Nowadays real and commercial property for cryptocurrency is presented to public view all over the world — in Canada, London, Switzerland, Greece, Spain, USA, Indonesia and Russia.
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It is a chain of composed blocks or a decentralized transaction register that helps to digitalize any information in the whole world. The technology can become an instrument that confirms the trust to databases — it is impossible to edit the information in it without all the participants’ agreement. Blockchain is irreplaceable when people need confidence, trust, exception of fraud or data theft. On World Economic Forum this technology was admitted as one of ten most perspective ones, and the computer giant IBM made clear in the course of interrogation that the fourth of companies is ready to apply this technology already next year.
In 2019 it is intended to start AvailCom platform that will make revolution in the field of rented property. As the developers announced, everyone will be able to rent a real estate or a car and get access to it instantly. The idea entails in implantation of various innovations, the platform will be based on blockchain and smartcontract.
According to forecasts, mass adoption of the new technology will take place in between 7–10 years, but the programmers are already up to ears in work. The economy from this technology is measurable — the bank sector hopes that for 1$ of investments it will be possible to get $20 of saving. Strategy consultants of McKinsey announced the total saving figures — it is about $80 billion. The technology promises to change from the challenging novelty product to the instrument that will get whole sectors of economics interested in its development. For example, in the field of property rent blockchain can help to organize new forms of registers, titles of ownership and transaction processing. The blocks fixed in blockchain system will prove the traverse of title to property — money transactions, contracts and information about the owner will be verified.
That will allow to excide mediators who take the service fee during the process of real estate transactions — lawyers, realtors, notaries and staff of registration chambers. It’s minimum 5–10% of transaction sum. The risks of fraud, for example during the property rent or sale, will also recede, as well as time to prepare bargains and fact sheets. Specialized blockchain platforms will allow to prevent the data falsification and to simplify the process of property unit verification before the sale. The clients will get the access to the platform 24 hours per day, 7 days per week.
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