
VITALD
@picachyv
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39 Followers
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How Web3, specifically blockchain and smart contracts, addresses these issues:
Immutable and Transparent Records: Blockchain acts as a decentralized, immutable ledger, securely recording every property transaction and ownership detail. Once a record is on the blockchain, it cannot be altered or tampered with, eliminating the risk of fraud and providing a single, verifiable source of truth for property titles.
Automated Transactions with Smart Contracts: Smart contracts are self-executing agreements stored on the blockchain. They can automate crucial aspects of property transfer, such as releasing funds once ownership is verified, or automatically transferring the title when all conditions are met. This drastically reduces the need for manual intervention and numerous intermediaries.
Reduced Intermediaries and Costs: By automating processes and providing transparent, verifiable records, Web3 can significantly reduce the reliance on many traditional intermediaries (e.g., title companies, escrow agents). 0 reply
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