Let ‘s assume that a new technology has been created that could allow a real estate transaction to be transacted by several parties. The parties meet and fill in the specifics of scheduling, unique situations and funding. How are these parties going to know that they can trust one another? Their arrangement with third parties-banks, legal teams, government registration and so on-will have to be checked. In terms of using technology to save money, this takes us back to square one.check out the post right here
In the next step, as the agreement is being generated in real time, the third parties are now invited to enter the real estate deal and provide their feedback. This significantly decreases the middleman ‘s position. If the transaction is this straightforward, in some situations, the middleman may also be removed. To avoid miscommunication and litigation, the attorneys are there. These risks are significantly minimised if the terms are disclosed beforehand. If the funding deals are secured in advance, it will be decided in advance that the agreement will be paid for and their payments will be honoured by the parties. This takes us to the final step of the example. How will the contract be paid for if the terms of the agreement and the arrangements have been completed? The unit of measure would be a currency issued by a central bank, which would mean dealing again with the banks. If this were to happen, without any kind of due diligence, the banks would not allow these transactions to be done and this would mean costs and delays. Up to this point, is the technology useful in generating efficiency? It’s just not possible.
What solution is there? Creating a digital currency that is not only as open as the agreement itself, but is actually part of the terms of the agreement. If this currency is compatible with central bank issued currencies, the only remaining prerequisite is to convert the digital currency into a well-known currency that can be accomplished at any time, such as the Canadian dollar or the U.S. dollar.
Blockchain technology is the technology to which the example applies. The foundation of the economy is trade. For the purpose of commerce, a primary reason why money exists is. For different areas, trade constitutes a significant percentage of operation, output and taxes. Any savings that can be implemented around the world in this field will be very important. Look at the free trade concept as an example. Countries would import and export with other countries prior to free trade, but had a tax structure that would tax imports in order to reduce the impact of imported products on the local nation. These taxes were abolished after free trade and many more goods were made. Only a minor shift in the rules of trade has had a major impact on world trade. The word trade can be broken down into more specific fields such as transportation, real estate, import / export and infrastructure, and if it can save even a small percentage of costs in these fields, it is more clear how lucrative the blockchain is.