The global real estate industry was valued at more than $280 trillion quite recently, making it a more valuable asset than all the shares, stocks and securitized debt across the world combined. The new-age blockchain technology has the capacity to revolutionize and disrupt this two hundred trillion-dollar industry.
Blockchain technology has made its way into the mainstream industry over the last decade. As per a survey conducted by the World Economic Forum, more than fifty percent of executive IT and communications technology experts believe that by 2025, over 10% of the global GDP information would be stored on the blockchain technology. Many leading industry players are slowly realizing the scope of blockchain beyond Bitcoin, and laying special emphasis on its role in real estate transactions.
Impact of blockchain on real estate
Blockchain can be considered to be an immutable, shared ledger that facilities the system of recording transactions, as well as tracking assets in a particular business network. By having this single, public version of record, high transparency can be maintained in real estate transactions.
Blockchain enables the seller to immediately prove the property ownership, while the buyers can instantly prove that they have the desired funds in hand. In addition to increasing transparency and decreasing the chances of fraud, usage of blockchain for real estate transactions makes property management easier and prevents contingencies like reversing records. Read More...