Throughout the years of self-learning about finance, stocks and crypto. I decided to step out of my comfort zone and take on a challenge in real estate transactions. As they are often viewed by issues such as lack of transparency, delays, and high costs. This UX case study explores how blockchain technology can address these pain points and revolutionize the customer experience in real estate transactions.

Powered Future With Blockchain

Research

Looking back on the pain points of real estate transactions (lack of transparency, delays, and high costs). Here is a flowchart provided by Shaker.io showing what real estate transactions look like:

Blockchain And Web3

Blockchain is a technology that keeps records of transactions in a secure and transparent way. It uses a chain of blocks, where each block contains a list of transactions. This makes the information stored in a blockchain difficult to change or tamper with.

Web3, or Web 3.0, is the next version of the internet. It aims to create a more decentralized and user-focused online environment. Web3 uses blockchain and other technologies to make the internet more open, secure, and privacy-friendly.

In simpler terms here is a flowchart I designed showing the Transaction Process of the Blockchain:

Blockchain In Real Estate

Blockchain technology has the potential to bring significant benefits to the real estate industry. While blockchain technology in real estate is still in its early stages, According to my research from consensys.net, there is great potential for improving efficiency, transparency, and accessibility in the industry. It's important to note that the widespread adoption of blockchain in real estate will require regulatory development across and within the industry.

Ideate

With a better understanding of blockchain and real estate I created a problem statement that encapsulates the main challenge how might we revolutionize the customer experiences in real estate transactions using blockchain technology?

After conducting user research, I delved into two insightful articles that shed light on the potential of blockchain in revolutionizing real estate transactions and the impact of cryptocurrencies on financial inclusion. Throughout my analysis, I uncovered pain points that can help address the problem statement from buyers, sellers and blockchain enthusiasts.

Article 1: How Blockchain Is Transforming Real Estate Transactions: Top 5 Challenges It Is Facing

Article 2: Cryptocurrency And Financial Inclusion

Here are potential ideas or opportunity areas that could be addressed:

Prioritize the Ideas

Using the KANO model, I can evaluate the ideas based on their potential impact on customers, users, and the positive outcomes they can deliver. Considering the customer-centric approach and user experience one idea stands out:

Idea: Digital Identity Verification

It addresses essential customer needs, enhances security and trust, improves efficiency, and aligns with evolving regulatory requirements. Implementing effective digital identity verification to real estate can lead to enhanced customer experiences, reduced fraud, and improved business outcomes.

Storyboard Design

Scenario: A buyer and a seller sit at a table, discussing a property transaction.

Design Process

Created

Final Thoughts

What I Learned:

The traditional real estate transaction process is cumbersome, inefficient, and lacks transparency.

Using KANO model addressing customer needs aligning with regulatory requirements.

Implementing digital identity verification using blockchain can lead to enhanced customer experiences, reduced fraud, and improved business outcomes.

Blockchain continues to evolve, it will further shape the real estate industry, providing even more benefits and opportunities for customers.

Next Steps:

Conduct more research to gather insights on customers satisfaction with blockchain transactions.

I want to partner with technology providers and blockchain experts to design and implement a secure and scalable digital identity verification system.

Educate people and industry professionals about the benefits and processes involved in using blockchain for real estate transactions.

Continuously monitor and evaluate the implementation to identify areas for improvement and optimize the customer experience.