12-22-2021, 12:45 AM
It currently costs over $1500 to register a title deed with a notary. Blockchain tec
<!-- SC_OFF --><div class="md"><p>Where I am from, young people can't buy a home. The prices are too high, and the various fees associated with buying real estate is a hurdle. Just to register a title deed with a notary, it can cost over $1500!</p> <p>I think that blockchain technology has the power to eliminate entirely the need for a notary, and that will help younger generation to be home owners.</p> <p>Think about it. The notary is getting paid essentially for acting as a middlemen between the buyer and the seller. The notary will double check who is the real owner of the house, will keep the money from the buyer in an escrow account, and will register the transaction to a central authority. Here's the big deal : <strong>all those things can be performed by a smart contract!</strong> All we need to do is turn the mortgage into an NFT, mint it on a L2 on the Ethereum blockchain, and voilà, we saved thousands of dollars.</p> <p>Now, I know it's not as simple as that. The tech works just fine, but we would need a serious cultural shift toward digital assets for this kind of project to take off. But the efforts already begun : LoanSnap launched <a href="https://www.baconcoin.com/">Baconcoin</a> last month, a token backed by US home loans. It's not exactly what I'm talking about, but it sure is a step in the right direction.</p> <p>If this works well, eventually, everyone will be able to provide liquidity on the mortgage market... and we won't ever need to pay another notary ever again. Another reason to be bullish on crypto and blockcchain tech in general!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/busterrulezzz"> /u/busterrulezzz </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rlh34o/it_currently_costs_over_1500_to_register_a_title/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rlh34o/it_currently_costs_over_1500_to_register_a_title/">[comments]</a></span>Kind Regards R
<!-- SC_OFF --><div class="md"><p>Where I am from, young people can't buy a home. The prices are too high, and the various fees associated with buying real estate is a hurdle. Just to register a title deed with a notary, it can cost over $1500!</p> <p>I think that blockchain technology has the power to eliminate entirely the need for a notary, and that will help younger generation to be home owners.</p> <p>Think about it. The notary is getting paid essentially for acting as a middlemen between the buyer and the seller. The notary will double check who is the real owner of the house, will keep the money from the buyer in an escrow account, and will register the transaction to a central authority. Here's the big deal : <strong>all those things can be performed by a smart contract!</strong> All we need to do is turn the mortgage into an NFT, mint it on a L2 on the Ethereum blockchain, and voilà, we saved thousands of dollars.</p> <p>Now, I know it's not as simple as that. The tech works just fine, but we would need a serious cultural shift toward digital assets for this kind of project to take off. But the efforts already begun : LoanSnap launched <a href="https://www.baconcoin.com/">Baconcoin</a> last month, a token backed by US home loans. It's not exactly what I'm talking about, but it sure is a step in the right direction.</p> <p>If this works well, eventually, everyone will be able to provide liquidity on the mortgage market... and we won't ever need to pay another notary ever again. Another reason to be bullish on crypto and blockcchain tech in general!</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/busterrulezzz"> /u/busterrulezzz </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rlh34o/it_currently_costs_over_1500_to_register_a_title/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/rlh34o/it_currently_costs_over_1500_to_register_a_title/">[comments]</a></span>Kind Regards R