Real Estate & Blockchain
How are the Real Estate and Cryptocurrency Industries Tied???
Permanent residence; rental vacation or rental houses / parking spaces and even dream homes… Before long, they'll all be purchased on a blockchain. In fact, blockchain-based real estate is already gaining popularity as a way for buyers, sellers and investors to interact with each other and learn about properties.
So What is Blockchain Tecnology???
Blockchain technology is most simply defined as a decentralized, distributed ledger (DLT) that records the provenance of a digital asset. By inherent design, the data on a blockchain is unable to be modified, which makes it a legitimate disruptor for industries like payments, cybersecurity and healthcare.
But why is blockchain poised to give the real estate industry such a significant leg up???
First and foremost, by leveraging Distributed Ledger Technology (DLT), it increases trust through greater transparency. And in real estate - trust of a website, an agent or a listing is imperative. Blockchain also expedites contract processes, saves time and reduces costs.
Because the daily rate of real estate transactions is so immense, a common database of leases and purchases is more necessary than ever. Blockchain can provide that. Upgrading the traditional Multiple Listing Service (MLS) database to a blockchain-based would create a far more transparent ledger system where brokers and agents could see the entire transaction history of a property.
And the Future of Real Estate Using Blockchain Technology???
Real estate and cryptocurrency are both buzzwords for the millennial generation, and with good reason. As their spending power increases, younger people are seeking out investment opportunities, and there’s no better place to look than the intersection of real estate and cryptocurrency.
Besides helping the traditional real-estate industry, blockchain is also being adopted by the burgeoning property-sharing sector.