Blockchain is a technology fit for solving the verification problem in real estate transaction. Most of all, it can remove the time difference between the transaction and the confirmation of verification. Once a contract is uploaded on the blockchain network in the form of a smart contract, one can simultaneously process payment and transferring of rights by verifying the genuineness of the rights holder from the information received from the public sector at the time of the contract. In terms of allowing such simultaneous processing, blockchain could be an alternative solution to the existing problem.
Blockchain is almost impossible to counterfeit. Consensus models like PoW1 or PoS2 of the 1st generation blockchain as well as algorithms based on PBFT (Practical Byzantine Fault Tolerance), which can be viewed as the following generation, are considered free from problems of counterfeit verification compared to primitive verification methods of existing means such as seals.
Also, users of the BHOM blockchain network can delegate the complicated verification confirmation procedure to blockchain. Once the blockchain network of BHOM connects to the public sector, confirmation of verification will be carried out by BHOM blockchain network in place of the users. What a user can do is to check its results and sign the contract by clicking a button.
Real estate transaction is only a starting point for the blockchain network that BHOM is picturing. BHOM aims for a ‘blockchain city’ where blockchain in various fields such as education, health, finance, logistics, transport, and housing are all connected. Among them, the housing field will be a starting point of the blockchain city and various actions ranging from transaction to living in the housing field will be connected to the blockchain city.