Where will Real Estate Be With Blockchain in 2018
There is a lot of chatter about blockchain and real estate industry and how it will revolutionize the industry. And we think that change is coming as well, but will it change the core business of Realtors and Real Estate Brokers? The Realtors and all that comes with it will be here for a long time to come. But how Blockchain will change how the industry looks and feels will change for sure.
The listing process and exchange of information between land title, lawyers and the contracts will be on an open ledger system and will make dong business quicker and easier. Showing the home and getting a trusted Realtor/salesperson will still be the best idea to list homes and condos. Accurately identifying a property and the use of smart contracts with Blockchain technology at the helm will stop many shady deals of double ending and shadow flipping. This for sure will make the Real Estate Market Place a much better and more transparent system.
Adopting global technical standards like private/public key encryption will provide an accepted method for identifying digital ownership. Identification and standardization will be the key to be the evolving to a system that will conquer this space.
Maybe it will be one that is used by people in the industry already, maybe it will have to be an ownership of thousands to adopt where everyone who uses it will have a vested interest to keep it and establishing confidence within its database of users.
Therefore a data driven Realtors Blockchain ecosystem that can grow in scale with complex transactions will require an intensely complex and well put together blockchain system.