Inside Blockchain, Bitcoin, and Cryptocurrencies by Niaz Chowdhury

Inside Blockchain, Bitcoin, and Cryptocurrencies by Niaz Chowdhury

Author:Niaz Chowdhury
Language: eng
Format: epub
Publisher: CRC Press


11.4.2 Smart Property

Smart property is a type of service powered by the smart contract features of blockchain technology. It has the potential to revolutionise the traditional lending system. For example, hard money lenders providing loans and mortgages to customers with poor credit charge high interest rates to recover potential losses even before the contract starts. It stresses borrowers and often put them into bankruptcy.

Smart property can help lenders and borrowers settle ownership using smart contracts. Depending on the terms of the agreements, when borrowers pay a part of the mortgage or the full value, the properties will be transferred to their name. This system undercuts the risk and reduces the paperwork and bureaucratic process while allowing strangers to avail loans at a lower rate. In this use-case, home is just an example where the property can be a piece of land, a car, a factory, a smartphone or laptop and so on. Ethereum, NEO and EOS can be used to develop applications based on this use-case.



Download



Copyright Disclaimer:
This site does not store any files on its server. We only index and link to content provided by other sites. Please contact the content providers to delete copyright contents if any and email us, we'll remove relevant links or contents immediately.