As it stands, the real estate industry is poorly equipped to support homeowners — both now and in the future. From mortgage brokerages to title companies, the industry itself is also poorly equipped to handle the many changes coming its way. At BHR, we believe the real estate industry needs a collaborative Web3 standard to advance, modernize and remain relevant to homeowners. Our litepaper explains why Blockchain Home Registry is the optimal solution to the many woes of a historically opaque, inflexible industry. Follow below for a brief synopsis.
Why Real Estate Needs a Collaborative Web3 Standard Like BHR
Real estate is the largest asset class in the world, yet the industry often fails to modernize by adopting new technologies. In many ways, the real estate industry is still stuck in the past. Even in 2022, real estate data is controlled by fragmented and competitive organizations.
With the current model in place, such organizations are not incentivized to share with one another. They often act as costly gatekeepers — preventing access to public information that should be readily available. We see this across real estate brokerages, lenders, mortgage brokers, Multiple Listing Services (MLS) providers, real estate technology companies, and more.
This lack of transparency means consumers are left in the dark. Homeowners maintain very little control over the facts and history around their own most significant asset. This is all because protectionist organizations are generally disinterested in facilitating a better consumer experience. They do not receive the support they need and deserve. Instead, each prospective buyer is responsible for uncovering the history of their future home on their own.
Blockchain Home Registry Supports Homeowners While Modernizing the Real Estate Industry
In short, Blockchain Home Registry (BHR) supports each homeowner’s right to control their data. At the same time, BHR modernizes the real estate industry through dozens of possible third-party integrations. The NFT each homeowner claims of their property provides them with privacy-controlled access to a permanent, transferable, historical record of their home. Homeowners can finally take control of their home’s data, leveraging it as they wish. As more data is added, home records will mature and grow organically.
We call the third parties that contribute data to this network “integrators.” As the network of data grows, so do the opportunities for new Integrators to build novel integrations. This creates a powerful flywheel effect for adoption and growth. Integrators include lenders, title companies, MLS, appraisers, home inspectors, insurers, home warranty companies, real estate brokerages, utility providers and more. All could better serve their clients and boost their business models by building integrations on top of BHR.
This presents a tremendous opportunity for innovation across the real estate industry. Integrations could lead to instantaneous borrowing and refinancing — plus seamless transfer of homeownership. They could eliminate costly repetitive tasks like title checks and appraisals — saving buyers, sellers and industry professionals time and money. The possibilities are truly endless.
Read the BHR Litepaper
To learn more about BHR and the future of real estate, read the BHR Litepaper here.