Blockchain : How blockchain technology could alter the real estate business
“Blockchain’s potential for reducing friction in transactions and automating record-keeping tasks has major implications for the brokers and agents, local governments, investors and attorneys involved in both commercial and residential real estate. The technology could make for easier and more accurate deed transfers, improved ease and transparency in investing, even more accurate and up-to-the-minute MLS (multiple listing service) listings.”
Real estate transactions recorded in blockchain have several benefits. It will reduce issues of litigation and fraud. Problems in paperwork will also be decreased. Blockchain makes the process transparent and everybody that has access can see what happened in a specific transaction.
The capability to know who is buying what and where the money is moving to or coming from is another great benefit of blockchain for real estate.
What is the Blockchain?
A block chain is a transaction database shared by all nodes participating in a system based on the Bitcoin protocol. A full copy of a currency’s block chain contains every transaction ever executed in the currency. With this information, one can find out how much value belonged to each address at any point in history.
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