The real estate industry has already begun a transformation because of Blockchain, and that change will only accelerate at break-neck speed in 2022.
Here’s what we need to learn, know, and understand about Blockchain and real estate, because the real estate process, as we currently know it, is already changing.
What is Blockchain?
| In its simplest explanation, Blockchain is information that is: gathered and stored into an information block, verified multiple times through a network of computers, time-stamped, locked and secured by encryption, then permanently stored and locked into place with other information blocks using cryptography. |
| This process is repeated over and over again forming a chain of information blocks. Think of a train with multiple cars attached, each car linked and forming the train/chain. Once a block is stored in the chain, it cannot be altered. You can read more here, and here. |
Here’s how Blockchain will change real estate.
Because the very nature of Blockchain is public, verified, extremely secure, fast, efficient, and cost-effective, it has many uses and will touch every area of real estate:
- Listing services
- Due diligence and financial evaluation
- Title insurance
- Financing and payment
- Real estate investing: providing liquidity and fractional investments
- Property management
- Lowering fees
- Provide transparency
- Improve efficiency and transaction speed
- Reduce fraud
You can read more here, and here.
Who’s doing it now?
Deedcoin: simplifying the process of buying and selling real estate.
Rentberry: automating the process of rent payment/collection.
Atlant: assisting with the process of rent payment/collection
Harbor: simplifying liquidity and regulatory compliance.
Vairt: providing real estate investors liquidity and fractional investments.
RealT: providing real estate investors liquidity and fractional investments.
Regardless of your technological savvy, you can participate. Just like we were all forced to learn how to use a smartphone, we can just as easily learn and adapt to this emerging technology. Every shift in an industry brings opportunity. Look at the industrial revolution. Look at the PC. Look at our cell phones.
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