By 2020, the amount of data generated per person per second is estimated at 1.7 megabytes. Even more surprising is that 90% of all data in the world have been created in the last two years.
We are really living in the information age and the idea of big data is starting to increase. Big Data refers to the enormous amounts of data that are generated, so large that we need new methods of analysis and research to really understand them.
These data infiltrate every area of our lives, decisions about health, wealth and everything that is done between them are made with big data, which affects everyone. An industry in which the data change a game is the real estate. Lenders, insurers and real estate agents are just some of the groups that could rely on this data and benefit from easier and more reliable access to that data.
But at the heart of this market, of course, is the humble owner. Buying a home is a big commitment, especially in societies where real estate prices are high compared to salaries and many first-time buyers have trouble getting started.
Big Data can be the perfect tool if used correctly.
How can data help buyers?
Buying a house is not easy, this was due to factors such as financial errors, problems with the house itself and the underestimation of operation and maintenance costs.
Of course, some mistakes are inevitable. But access to better data could help people make better decisions and avoid regrets. By using the data, it is possible to obtain a more reliable and accurate profile of a property with better estimates of cost and value.
The data can inform potential owners about things like a neighborhood profile, prices, facilities in a house and much more. With better data, it will be possible to refine a search and find the perfect location according to the buyer’s criteria.
Platforms like Realtor and Agorafy are doing it to a certain extent, since they provide databases where users can search for the house of their dreams.
On these platforms, buyers can specify what they are looking for, and then the search engine draws the correct record from a set of innumerable houses. Save time and avoid mistakes.
But there are still some problems. Data in the real estate industry is often unreliable, contradictory and controlled by centralized corporations that want to use them for their own purposes. Often, consumers can not be sure that the data they are based on are accurate, as there is no reliable way to verify or validate them. This means that they are forced to rely on reliable data providers who have used their influence to ensure a reputation that may not be deserved.
We need a more fair and democratic way of sharing data in real estate, and this is where blockchain technology comes into play.
With Blockchain the large amounts of real estate data are more accurate and reliable so that buyers can truly trust the information they receive.
When a customer accesses the data in their system, it compares with other sources in the network, using intelligent contracts to determine their reliability. If they are valuable and accurate, the buyer will be charged and given access.
If it turns out to be unreliable, the contract will be terminated and the unreliable data provider will be penalized. In addition, there is no central storage location in the system; the platform uses a decentralized model to store data in a secure way and grant users privacy and control over their data so that they can only share with whom and when they want to share them.
In addition, the platform also benefits other parties, such as lenders, insurers and sellers. It is a faster, better and more economical way to access useful data without the hassle of searching the sources.
The projects that democratize such data are a long-awaited complement to the real estate world and another example of how decentralization can change the way we do business.