Blockchain is rapidly evolving beyond its original use case as a ledger for recording transactions in cryptocurrencies like Bitcoin and Ethereum.
Talk to many people about this emerging technology, and they immediately think of digital money, and with good reason for cryptocurrencies are gaining value in markets around the world. As such, Blockchain technology is once again in the spotlight. However, this technology isn’t just about Bitcoin and its cryptocurrency alternatives.
Many people talk about blockchain’s ability to transform banking. However, some people are looking at real estate as the next industry to see big changes from the new technology. Banks, despite some interest, are somewhat wary of blockchain cryptocurrencies as competition.
Real estate transactions are notoriously cumbersome. Paperwork. Document filing at multiple sources. Escrow. Title checks. There are chances for error everywhere. Blockchain technology could change that with smart contracts and record-keeping. (Source: https://aksjebloggen.com/aksjefond/)
According to Fast Company, Blockchain advocates in the real estate space are pushing the technology. It could potentially reduce transaction costs and errors, as well as fraud. Indeed, Bitcoin itself has also been used in a number of real estate transactions in the U.S. and elsewhere. Most recently, a home in Texas was purchased using Bitcoin for the first time in that state's history, according to a recent CoinTelegraph report..
In fact, the Cook County, Illinois recorder’s office took part in a Blockchain project. The projected aimed at figuring out how to store property records. And, says the Fast Company article, similar projects are taking place all over the world.
In the end, the technology promises to transform the way we do business. Even if you never use a Bitcoin or a Litecoin to make a purchase, there’s a chance that this technology will eventually become a part of the way you interact with the world.