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byungwan park
@ohoo
Automated Escrow via Smart Contracts: Smart contracts are self-executing agreements whose terms are directly written into code on the blockchain. In real estate, a smart contract could hold funds (like the purchase price) and property ownership (tokenized as an NFT or digital asset) in escrow. Once predefined conditions are met (e.g., successful inspection, funding verification, legal transfer of title), the smart contract automatically releases the funds to the seller and transfers the property ownership to the buyer. This removes the need for traditional escrow agents, reducing fees and significantly speeding up the transfer of assets.
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