* This is a contributed article. The IBTimes news staff was not involved in the creation of this article and this content does not necessarily represent the views of IBTimes. When you buy through links on our site, we may earn an affiliate commission. Here are our T&C. For licensing please click here.

In 2021, 6.9 million Americans experienced the administrative nightmare of buying a property. Once the exhilaration of having a bid accepted passes, it can be months before you seem to see any real progress.

This is because so many people are involved in each sale, and it can be difficult for each party to know exactly what is happening at each stage of the process. Real estate deals are highly complex, with various moving parts including the property itself, the title documentation, the formalization contract, due diligence, and in-depth identification checks.

GloComX, a practically-minded NFT marketplace for businesses, is presenting users with a solution to their real estate headaches. Every NFT - or Non-Fungible Token - is unique and cannot be replicated or duplicated. GloComX is utilizing these digital tokens as a way of simplifying real estate transactions.

NFTs can store vast amounts of data, and can therefore hold the transaction history and proof of ownership for each property. As forgeries are impossible in the world of NFTs, the identity authentication process is made significantly quicker, with each individual receiving their own one-of-a-kind digital confirmation upon their purchase. By using NFTs, the threat of identity fraud is essentially extinguished.

The transactional transparency that is offered on the GloComX platform means that each party can verify exactly what is happening at each stage of the process. This reduces the risk of corruption, an issue that is rife in the land registry sector.

As the world becomes increasingly aware of the urgency of the climate crisis, the corruption of wealthy land-grabbers is offsetting the work that many are doing to reduce carbon emissions. In Brazilian rainforests, which act as highly effective carbon sinks, much of the forest space is destroyed for cattle ranches and soybean farms. This land is often secured through underhand deals, and the areas are increasingly being used for criminal activity, such as money laundering and illegal logging.

The purpose of land registries is to keep track of when land is bought and sold, and these records have traditionally been kept solely on paper documents. While many governments have made the transition to digital records, older properties that have not yet been registered can cause serious legitimacy issues. Keeping these records on incorruptible NFTs through GloComX will ensure that all transactions are verified, and will make it far easier to prevent corrupt deals from taking place.

Even if traditional land registries can avoid being targeted by corruption, they are still susceptible to the effects of natural disasters. In 2010, the Haiti earthquake left 1.5 million people without anywhere to live, and also destroyed sixty years’ worth of government archives - including land registrations. While most of the damaged properties have now been rebuilt, Haitians frustratingly found themselves without any legal means of claiming their land, as the government no longer had records of ownership history. GloComX’s marketplace of NFTs can solve this, as all land registrations will be indestructible and preserved through end-to-end encryption.

GloComX also provides users with a unique opportunity for fractional ownership. Rather than having to purchase an entire property, investors can benefit from house price increases while only owning a portion of it; this is facilitated by the property being divided into corresponding NFTs. Through smart contracts, rental income can also be distributed between a number of owners.

This modernization of the real estate sector through NFTs is already returning exciting results. In a trial by the UK’s Land Registry, through the use of NFTs, a house sale that had taken 22 weeks to complete via the traditional process was finalized in under 10 minutes. A similar test was carried out in America in around 20 minutes. This is being championed as a step in the right direction for this industry - while many companies consider following this path, GloComX is already paving the way.

NOTE: This article is a contribution and do not necessarily represent the views of IBTimes.