Using the power of blockchain when buying a house
Recently I have gone through what can only be described as the laborious still paper-based process of buying a house. So I got to thinking there must be a quicker, more secure way of completing the process. One that makes the use of the technology available today.
As a first time buyer, I was blind, I never really had any idea what part of the process I was at, How long was left, all compounded by the vague answers from my solicitors. It seemed like I was waiting around for the endless packs to come through the post, sign and send back.
It seemed like the whole process could be digitalised. So I got my thinking hat on and started working on a new solution, one for the modern-day marketplace.
What if there was a single platform?
A place for all parties involved to communicate over? A portal where buyers/sellers can have a clear overview of their part in the process, with the next steps laid out for them. No hidden fees, no guessing games. Just clear concise information.
And what about if we could power this portal with an emerging technology like blockchain?
if we can leverage this to help not only speed up the process, but also make it virtually risk-free from mistakes or fraud. By using what is known as smart contracts, which is a set of digital protocols that can run a series of commands set out in a contract. It makes the whole process extremely secure and has the ability to run commands instantly, speeding up a process which in the past has taken days down to a matter of minutes, even seconds.
If you’d like to read the full article on how this all comes together, it’s now been published on TheStartup on Medium, it even has some lovely pictures to accompany the words! Read on: https://bit.ly/2rJHXSM
Thank you in advance for taking the time to read the article, and I’d love to hear your thoughts!
See you again soon 🤘
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