Blockchain: Positioning Buyers and Sellers in the Same Fields of Play

By CIOReview | Friday, March 29, 2019

Outstanding business success often stems from a unique and market-valued combination of key people, technologies, and ideas that provide the market with strong value by solving a problem or creating an opportunity. Today we see blockchain in many industries, from shipping to auto trading, to banking, and more, making that value proposition reality. Real estate includes one of those and more areas. This is an industry that affects almost everyone's lives. It provides a way for millions to get a home, a place to live their lives, create memories, and yes, often build wealth.

While the real estate industry has been slow in implementing blockchain applications in their business models, as the technology continues to become more omnipresent, the process of buying, selling, or renting a home is never again the same.

Interestingly, over the past couple of years, several blockchain real estate start-ups have emerged. Everyone intends to disrupt the functioning of property sales. Secrecy is no longer profitable, especially when intermediaries become redundant. After all, a blockchain network can reduce aversion to risk through a confident environment. This, in turn, facilitates transactions of property without the need for trusted third parties. Increased market demand for transparency in the global economy has stimulated innovation in the tokenization of real estate.

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Blockchain is a decentralized, peer-to-peer platform, unlike just about any other technology application.

Another important advantage associated with blockchain technology focuses on speed and efficiency. Although speed is not the first word that comes to mind when potential buyers conjure up the idea of buying a home, blockchain dispenses with the typical delays associated with the process because everything is happening in real time. Once a buyer accepts an offer from a seller, the transaction will be executed immediately, as all the background work has already been incorporated into the process.

The coming year will be a point of inflection for immovable blockchain use. Private sector investment in real estate technology has been seeping, and wealth in cryptocurrency is massive, immovable professionals are becoming increasingly aware of blockchain, and the technology underlying it is improving. Applying the technology to the property process will go a long way towards moving the industry forward, positioning buyers and sellers in the same fields of play.