Blockchain technology is a public distributive ledger that upholds the tenets of decentralization. This technology allows transactions to be decentralized, tamper-proof and visible to everyone for audits.
The blockchain technology, in a simple term, is a league of computers that make verifying, storing and approving of transactions possible.
Transactions done are stored on the blockchain, meaning that the transactional records are shared to the computers of every participant, making the data and information stored to be free from fraud or tampering.
OTM’s Blockchain has been seen to have a great importance to real estate in the following ways:
Transparency In Transactions.
As earlier mentioned, lack of transparency is a problem in real estate investment, especially in the hotels and tourism industry.
Corruption and fraud are common in the industry, especially when falling into the hands of unscrupulous elements. Many real estate investors have been known to lose millions because of these fraudsters.
Transparency is one problem plaguing the hotel and tourism real estate and OTM has come to solve it by using the blockchain technology, thereby minimizing corruption and fraud risks.
Another problem that might come out of lack of transparency is when an investor decides to invest in a building project with other investors. There is the tendency that some of the investors might form a cartel and decide to rip the others off.
With OTM’s blockchain technology that can never happen because of its transparency feature.
Funds received in the fundraising stage cannot be diverted by anyone because the transactions are recorded and can be viewed by everyone on the platform.