Smart contracts have been making waves since the inception of the technology on the blockchain platform Ethereum. They are now used in the number of industries but haven’t fully lived to the hype.
Essentially, smart contracts solve many problems by consolidating all the functions of notaries and brokers into one autonomous mechanism.
With smart contracts, computer code is set to automatically send money to the seller when the respective land register is detected in the database. This way, the procedure is completely automated and only happens when both parties have fulfilled the terms of the agreement. Neither participant can influence the transaction execution, which happens without delays and without the involvement of a third party.
Smart contracts offer previously unseen levels of transparency and efficiency for real estate transactions.