Blockchain Destined to Impact The Real Estate Sector
The arrival of the Blockchain and cryptocurrency in the digital world has become one of the main components of technology being explored in every industry. Blockchain has been highlighted as an area of interest for all industry leaders who want to complete transactions quickly and easily.
When an individual wants to buy a home, the chance to do so using digital technology is of the greatest importance in completing the sale in a safe and secure online environment.
The question many Realtors are asking is, how will Blockchain technology affect the future of their industry? The initial answer is that anybody who is hoping to sell a home will generally look to work with a professional who can walk them through a sale in a positive way.
What it is important for you to remember is most people are unsure of completing the sale of their home without understanding the laws of their state in a thorough way. The real estate sector is as much about the interaction of an agent with their client as it is about the evolution of new technologies.
Which is not to say a Realtor cannot benefit from the use of technology such as the Blockchain. One of the most frustrating aspects of working as a Realtor is often using the MLS listings which are notoriously slow to update because of a lack of centralized documentation passing between Realtors and listing agents.
Using the Blockchain is one way a more concise and up to date MLS record can be kept as this technology was created to share databases and spreadsheets in real time.
The Blockchain could provide a much more important aspect of life for both Realtor and client in terms of the passage of titles and deeds with more counties across the U.S. shifting to digital records.
The unwieldy use of paper records needing to be transferred between buyers and sellers has always been a headache for agents and industry professionals. A lack of access to online records has left many agents and buyers open to fraud and potential problems, but the Blockchain could change all that with an increased level of online transparency entering the real estate sector.
The shift you have been waiting for in terms of online record keeping began in Cook County, Illinois in 2016 when the first digital tokens were issued to allow Blockchain technology to track purchases. A paper record of each deed is handed over when an individual chooses to buy a home along with a digital token recording the transaction.
Embracing the Blockchain is vital whether you wish to buy or sell a home and hope for a secure transaction to take place. Essentially, the Blockchain uses hundreds of thousands of remote viewers as witnesses to a transaction taking place using complex algorithms to ensure each aspect of a deal is completed securely.
One of the main benefits of Blockchain technology is the ability of the individual to navigate a transaction securely, as funds will only be released when members of the Blockchain are certain all paperwork is complete and funds are available.
The security on offer through this type of technology linked to cryptocurrency is of the highest levels and should aid the reduction in fraud and common financial issues associated with any real estate transaction.