Agreements between owners, real estate agents and property buyers will now be signed electronically. This is because the online lending platform, MoneySQ has collaborated with the Hong Kong Real Estate Agencies General Association. Their partnership aims at using smart contracts in sealing agreements during real estate sales.
Current Method Used in Real Estate Sales is Insecure and Inconvenient
The agency noted that that the current method that was used is insecure, inconvenient and time wasting. This is a traditional method of faxing documents that are to be signed by the buyer. This is a form of communication that is unencrypted and as such, is not secure. Besides, a lot of paperwork is involved hence, it can be a cumbersome process that may also be error-prone.
As a solution, property sellers and buyers will be able to sign these documents right from their smartphone. Moreover, pictures, videos, as well as other data that may be necessary for documentation and processing of real estate deals can be done from a smartphone. In comparison with the current method, this is more convenient and secure.
Smart Contracts to Aid in Signing Agreements
Therefore, the physical presence of both the agent and the buyer is not necessary before purchases can be made. From the first quarter of 2019, smartME Contract based on Blockchain will be used between parties to sell residential properties.
Steven Lee, trustME founder, and CEO said;
It is our pleasure to launch smartME Contract with Hong Kong Real Estate Agencies General Association. It brings a revolutionary change that benefits the real estate industry and all Hong Kong citizens
Blockchain’s Wide Application in Various Industries
Of recent, Blockchain has found so many applications in various sectors of the economy. This includes homes, farms, schools and several others. A recent report reveals that this technology can be used in homes to efficiently manage energy production and consumption. This is made possible with the use of a renewable energy device that allows a consumer to consume, store, share, and sell energy.
Another update shows that the Swiss railway has developed a mobile application based on Blockchain to assist in the management of its employees’ information. This is a credential management system that eliminates the paperwork that is usually involved in managing this data. Other companies can also access this data to be used for verification. Moreover, employees can sign in and out of their work right from a smartphone.