If you are fortunate to purchase a house or seen someone buying one, then you probably attest to the hectic procedure one has to undergo to get the final approval. Whether it is getting a mortgage, finding a real estate agent or merely making an offer, there are plenty of motives as to why the process is tiresome. However, blockchain technology is attempting to disrupt the industry with tremendous advantages on how we buy or sell real estate. And fortunately, today we get an insight into a blockchain venture that could change how the property industry operates.
What NEST Is All About?
The NEST is a blockchain property platform that will target the real estate market price and utilize their cryptocurrency (NEST to provide a comfortable solution for property transactions. Furthermore, the platform also expects to act as a gateway to efficient real estate investing by eliminating the ton of intermediaries that litter the process and consequently reduce the transaction fees.
Additionally, NEST will incorporate smart contracts to conduct real estate transactions such as mortgages, rental income, payments and facilitate property contracts. The use of original agreements offers the NEST user a more transparent, trustless and immutable method
The NEST ECOSYSTEM And How It Works
The NEST ecosystem is the main point of access to the rental and mortgage markets from where users will also get the chance to use the NEST tokens and Ethereum smart contracts.
Renting- users get to rent out NEST properties for a minimal fee using the tokens
- Voting rights- NEST token holders also have the advantage of voting on the features and the inhabitants
- Feedback mechanism- get to provide feedback and review through the mobile application and the web interface.
- P2P mortgage platform- the P2P mortgage portal on NEST will offer access to mortgage options using smart contracts
- Staking plan- get to search, select and stake on the NEST tokens through the blockchain contract technology.
- An E-wallet/account- users will receive their portion of the rental contracts in an E-wallet to hold the NEST tokens.
Potential Benefits To Using The NEST Platform
- Easy participation- the NEST platform makes it easier for the average crypto investor to participate in the real-estate industry and earn a passive rental income
- Lower fees- unlike the traditional mortgage sources such as banks, NEST's P2P mortgages and property fees are relatively small due to lack of a central authority
- Grows your portfolio- for a crypto investor looking to increase their investment collection, NEST offers an alternative source of funding for their investment projects.
- Broader rental horizon- the NEST platform offers direct access to rental investment opportunities not just in the US but also abroad.
Is NEST A Commendable Venture?
Unfortunately, there already exists plenty of blockchain innovations that are utilizing the technology to transform our housing market. A look at NEST and a ton of people would concur that it is what we need to change our housing market radically. The NEST is the first blockchain venture to offer a P2P mortgage system with an additional rental market based on smart contracts. However, this ground-breaking technology will aim to solve some of the problems, but I do not anticipate it to resolve every possible issue. The plethora of housing challenges are numerous, and NEST is not enough to change the housing scene.