Hello and welcome to a nother lesson on D uses of blockchain. So in this song we are going to cover how blockchain can advance housing. So the stuff like you buying a house you rent in a house, mainly it will be to do with bind but anything to do with housing and property in general, blockchain can have a huge impact on the probably the biggest area that people are really concerned with when it comes to blockchain in terms of housing is titles. So a title or a deed. So deed, as they are also called as title deed. There are a bunch of things.

So a title shows who owns the house. So the title shows shows who Um, the house from there who or I should put previous owner as well. So it automatic it already provides some basic form of audit trail. But there are several several problems with this. One of or some of the problems are linked to do with the security of it the secu re t side of it and it's to do with flawed paperwork, especially if the paperwork is to do with the totals or to do with houses where people have lived in there for decades and decades, potentially for like 5060 years, then the paperwork can really be really, really bad. Sometimes it can be almost non existent in terms of not being able to locate any decent paperwork.

You can have forged signatures. So you can have poor pipe work, whether it's due to the technology that was around when the pipe was created by the company or the individual in the paperwork was lazy, or whether there's some malicious intent. It helps ensure people keep their their homes in case of a financial crash, crash or crisis. My thinking Well, obviously I'm gonna get to keep my eye on Cuz at the end a smart home, but in previous occasions, such as the 2007 2008 financial crash, because certain banks didn't actually have proper records of title and who owned what they were trying to foreclose properties down because they just didn't have the proper paperwork. So obviously you can understand from the bank's perspective, they're thinking, Oh, they made a mistake or some sort of forgery or something going on like that. As a result, we need to foreclose it.

From the consumers point of view, I pay us you know, in the house, we're thinking, well, it's my house, especially if you have legitimately paid for it. You can start gaining worried thinking, especially if you're in a financial crisis, it just makes things worse. So using a blockchain system, you can have full Tied to deed history that is easily accessible. So not just who owns the corny, but who else has on the radar to go through a long process of lawyers and other institutions and companies to get one of this information and then make sure it's valid as well because there'll be an audit trail. And you'll be encrypted using cryptography. So wherever the house in, let's say, bought today and blockchain implemented in 100 years, you know, that this will be very, very secure and very, very trustworthy.

And as you can imagine, with any thing on this planet, there's money to be made. So there's money to be made. When you have to do a title. Search the who actually owns it. money to be made for title insurance. So just in case something is going wrong, the insurance is helps cover this.

Insurance, this usually all of this, all of the costs regarding titles, probably an ally, or like in the grand scheme of buying a house is not that much. It might be something like 3000 to $5,000. So if you're buying a house, that's 345 hundred thousand dollars plus the grand scheme of things, it's quite minor. But that's fine if you if you know, you want that property is great. But what if the few properties you're checking at the site, okay, all of them look good. The only thing will be how good the title deed is, and whose only privacy etc etc.

It's not private To be doing this on my 345 10 houses, were using blockchain and an automated system. And that's fully audited, you'll have all of this. So you won't even be a you won't even have to pay necessarily, you could just do, the checks could just automatically happen. So imagine, if you go on to an estate agents website, it could automatically have some sort of stamp of approval, saying it's validated above x percentage, which you know, is good and then you can see a breakdown if you interest in saying that this person only, even if they don't show specific details, they could show certain information that just give you some, just some peace of mind. So you can check this out for all prospective houses. That is fantastic.

A number great thing is if you were to link this with smart contracts which are basically contracts are automatically executed when certain conditions are met. As one of the great things about blockchain thing that is gained many people excited with smart contracts, if we use this for title transfers and what you would want to transfer a title in the event of you selling as in the event of let's say you passing away and you want it to go to your children, child or maybe your spouse or maybe your friend potentially. So total transfers and these are usually linked. linked to conditions and in the case of illness change color in the case of buying the to condition that you're proud probably going to have to fail is have the buyer paid. So whether they're paying off the mortgage and the paint has the buyer paid and has a certain date last because at the end of the day most transactions for homes, they usually occur in a way where you have a grace period or you have a period where you as the seller can well move out get your stuff.

Most houses aren't vacated. When they put the house in the market, people still live in there. I've been to houses I've been to look for houses and you will see that people are living there fully. Their bedrooms are the way that you would expect them to be all year round. There is stuff all over the place by in a messy way just in homely way. So, he gives them some grace period hence why there is some time that is usually given to them.

And once these two conditions are met which they can be automatically done, the buyer pain can be a crypto currency and obviously data just basic globe date checking, which is fantastic. And on top of that, you can check. So, going beyond titles and deeds you can check the condition of a property or a property. So, are these been maintained have been as a workers doing work on it and using IoT aka you Internet of Things, when literally every device in your house is wired the internet can be hooked into blockchain could be on maybe on a monthly yearly or whatever time period be sending information saying that this house is in good condition. And that's especially useful for maybe a buyer but renters, especially if you're just renting it for a very short period maybe systems or Airbnb like system where they're only staying for a few nights, maybe a few weeks.

So you want to ensure that the condition of the property is good for the the actual buyer or the renter, but also, you as the owner as well. You want to make sure that everyone in there is keeping it in good condition. That's a great way of tracking that blockchain can help With transactions, transactions, aka buying and selling a property, and you can help with the money side, cryptocurrency can help with title. Now with auditing can reduce fees. It's more secure. It's only open digital ledger that's secured by cryptography.

So transactions as a part of housing is also affected as well. And actually want to go back up here a second, something on a link back to where we were talking about total transfer, so total transfer and it can be linked to conditions. So one of the conditions it could be linked to his wealth so last week wills and Testament got a separate video covering how blockchain could affect wills and testaments. So based on what you'll learn in that video, you'll be able to see them certain conditions are met, all of this could link together. That's where you're going to see a lot of with blockchain, that all these use cases are going to help all these different industries, communicate with each other and just automate the process of whether it's transferring or better, whether it's a physical good, or it's a tighter or digital good, the commodity in between the security of it, verifying the validity of the individuals and the parties involved.

So it's going to provide a lot of security and peace of mind and that just scrolled up did not want to that. And finally, finally, just to iterate improvise, Accurate tracking you then block chain every step of the every step of the way, who was responsible for what the wrong did who did what at any particular time or is handling D transfers, who was what? etc etc. And this allows you to have a audit trail of each party to see if they are trustworthy because ultimately That's what blockchain at its core is ensuring the trustworthiness of parties, just making sure people are, who they are. They're doing what they say they are, and they've done what they say. They've done.

So this has been a awesome video on seeing the use cases of blockchain in the housing market, which is a huge and very, very important market. So I think there is a lot that can happen in this industry. Thanks for watching. If you have any questions, feel free to reach out, feel free to go the video again and check out any concepts that you didn't quite grasp the first time around, and I look forward to seeing you in my next lesson.