Blockchain and the real estate market
Blockchain, the technology behind cryptocurrency, has had a significant impact on Technology companies and financial services, and has found extensive applications across many other industries. In fact, it’s hard to find a segment that has not been affected by the technology. Alphabet, the parent company of Google has invested over US$600 million in blockchain.
One major business segment that blockchain is set to transform is property transactions. These are often very complex and conducted offline with many different parties, frequently involving face-to-face meetings – the result is costly and time-consuming. A blockchain system removes the paperwork, bureaucracy, and expenses, while guaranteeing transparency. The question is, how will Blockchain affect the real estate industry?