Page 31 - Geektime Blockchain Report
P. 31

Here are some possible uses for blockchain-based property and assets
1 The music industry
Immediate and and direct contact between artists and and their fans without intermediaries This industry
has been in in in crisis ever since Napster was introduced in in in 1999 To provide some perspective in in in 2016 the music industry
reached a a a a little more than half the value it had in 1999 which was $15B Piracy lack
of of transparency and fights over a a a a a fair distribution of of dividends have all caused conflicts and loss of revenue There are rivalries between music companies streaming services services and file sharing services services Of course the main victims are the creators who receive only a a a a small percentage of of the the total profit in the the end Blockchain can change the music industry
in in in terms of publishing monetization and the relations between artists and their fans By using blockchain technologies it it is is possible to publish music on a a ledger with a a unique ID and a a a a a a a a timestamp Each record contains metadata with the exact information about ownership and rights: all of it completely transparent and unchangeable This ensures that the the right people get the the money when people use their content One of the blockchains most powerful advantages is the ability to create more direct connections between artists and consumers Artists will no longer need intermediaries — they will not have to go through record labels purchase sites or financial brokers who usually take a a a a a large percentage of of the profits Using smart contracts artists will be able to receive immediate and direct payments from their fans 2 Real estate Buying selling and and transferring ownership of real estate will be faster safer and and simpler Blockchain adds speed transparency and security to processes of of purchase sale and transfer of of property For instance today there is a a a a huge demand for houses but fewer buildings are being built and the prices for existing homes are skyrocketing As a a a result sellers and buyers want to finish the processes of purchasing and getting the the documents signed as as quickly as as possible But the the real estate market is neither expedient nor simple and most transactions are expensive slow cumbersome and and complex with delays caused by governmental and and bureaucratic regulations house inspections and the added costs of house ownership transfers Blockchain can speed up the process of financial verification and make costly third-party verifiers such as escrow and title companies redundant Parties fulfill their part of of of the the the deal and reduce the the the risk of of of fraud One of of of the the the traditional reasons that buyers and sellers use third- party verification is to reduce the chances of fraud which costs buyers millions of dollars a a a a year The internet and technological advances have made it much easier to fake ownership and advertise bogus assets
Blockchain is is a a a a trustworthy ledger that is is nearly impossible to to to distort It offers the ability to to to record money transfers accurately and create digital ownership certificates With this in in mind fake ownership documents and incorrect listings could well become a a thing of the past Ownership records will be directly linked to one property in the system so it won’t be possible to sell or publish assets
that are not really yours Another advantage blockchain brings to the the real estate industry
is enabling faster and easier mortgage or or loan approval So far the process of approving mortgage or or loan capability has been a a a a a a slow nerve-wracking process often dragged on by bureaucratic and administrative issues With blockchain one can create a a a a a a digital ID for a a a a a a real estate property and also for themselves as a a a a a a seller or or buyer This way the mortgage process and transfer of ownership will be quicker and smoother For buyers their credit history and income will be immediately available saving the need to go through banks Houses can have their own digital identity with details on the the ownership chain a a a a documented list of home repairs and housekeeping costs 31

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