How will blockchain+rental solve the problems of fake listings and black agents?

One of the original purposes of the birth of blockchain is to solve the credit problem, and the potential credit crisis of rental housing is an active volcano that may erupt at any time. Can “blockchain+rental” solve this problem and reshuffle the rental agency market?

How will blockchain+rental solve the problems of fake listings and black agents?

The rental market is a relatively traditional industry, with problems such as the proliferation of false listings, the prevalence of black agents, the lack of trust, and inefficiency. The existence of intermediaries was originally intended to reduce credit costs, but the expanding “rental monopoly empire” is on the verge of a credit crisis.

One of the original purposes of the birth of blockchain is to solve the credit problem, and the potential credit crisis of rental housing is an active volcano that may erupt at any time. Can “blockchain+rental” solve this problem and reshuffle the rental agency market?

The core feature of blockchain technology is to make people and things credible. From this perspective, blockchain technology can be used in three aspects in the field of rental housing: the first one is to make housing products credible; the second one is to make both sides of the rental credible; and the third one is to make the whole rental process credible and efficient.

Smart contract one-stop service

In the blockchain era, both parties can directly conduct transactions on the chain based on the trust on the chain. From contract signing, rent delivery, and later renewal, all can be done automatically based on smart contracts, and both parties do not need to communicate repeatedly, which greatly reduces the time and money cost of renting.

The landlord inputs the basic information of the house and the rental status into the smart rental contract, which combines cutting-edge technologies such as VR and AR to present the actual situation of the house to the greatest extent; the tenant uploads the relevant information and demand, which facilitates the accurate matching of supply and demand resources and significantly reduces the trust and transaction costs in the rental process.

When complete matching is achieved, the tenant and the owner respectively use the electronic key representing their identity to sign the housing lease contract, which immediately takes effect and can be circulated on the blockchain.

In the smart contract, the identity can be verified by the identity authentication information system, and if identity forgery is found, the information will be synchronized to the whole network. The immutability of the information recorded by blockchain technology makes counterfeiters have nowhere to hide and dare not make any mistake.

Rental and sale of housing information on the chain

Renting a house is like buying a used car in the past, as an unprofessional, it is difficult to understand the specific quality condition of this rented house. Usually led by the agent to view the exterior of the house, but the specific housing quality how, in fact, is not clear.

For long term rental users, the biggest fear is to encounter unexpected situations such as a leaky roof, a broken sewer, or no life-saving access in case of an accident. If the specific quality condition of the housing is known at the beginning, the tenant can get a general idea of the housing quality information in advance and make a reasonable and appropriate choice.

In the past, the link between real estate enterprises and property owners is often limited to property management, or just real estate enterprises redeveloping properties and getting customer referrals through the good reputation of old owners, in other words, the link point between real estate enterprises and owners who have purchased houses has been basically terminated at the time of handing over the buildings for payment.

The original condition of the property plot, the planning and design scheme, the construction and building pipeline network, the materials used for the facade, the internal strong and weak power alignment, etc., only the original housing enterprise project company saved the most complete information, and the property management company that took over lost information often, which caused inefficiency for the later maintenance of the house, transaction circulation, asset management, etc.

If each real estate company chains the real estate based on blockchain technology will change this situation, starting from land planning, to construction and construction, compliance sales until property delivery, the decentralization, safety and transparency, and non-tampering characteristics of blockchain can be brought into play, and all the basic information of the house can be recorded on the chain.

After the real estate of the house is put on the chain, the tenant can check the basic conditions of the house through the blockchain browser, such as the internal structure, whether the decorative materials are environmentally friendly, the past use records, whether there are hidden dangers in the layout lines, and whether the rent is appropriate. This will reduce the number of fraudulent situations encountered by tenants when renting a house and reduce disputes and transaction costs.

Establishing a trusting relationship between the renting parties

The most common thing in the renting process is fake landlords who pretend to be entrusted or forge property certificates and property owner ID cards to cheat tenants out of their rent, and blockchain technology can avoid this situation. Xiongnu is at the forefront of the country in this regard. It is reported that Xiongnu has recently built a blockchain rental application platform, which is the first case in China to apply blockchain technology to the rental sector.

In this government-led blockchain unified platform, the information of listed properties, the identity information of landlords and tenants, and the information of housing rental contracts will be verified by multiple parties and shall not be tampered with. This is expected to solve the core problem of “real person, real room, real residence” in the rental housing scene.

Blockchain can verify the real identity of each party through the identity authentication information system, and once authenticated, the information cannot be tampered with. If identity forgery is found, the information will be synchronized to the whole network, and no one will conduct any transactions with this person in the future. The immutability of information recorded by blockchain technology makes forgery face huge risks and costs.

With the growing richness of rental scenarios, the construction of blockchain technology as the core, combined with VR viewing, intelligent hardware tags, and the integration of current artificial multi-channel data for multiple data verification of housing sources, tenants, landlords, and transactions, makes rental information more real and credible.

Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/how-will-blockchainrental-solve-the-problems-of-fake-listings-and-black-agents/
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