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Whether you work in real estate, finance or a different industry altogether, you’ve most likely heard of blockchain. The technology is making waves in a number of business sectors, and now it’s having major implications for transactions in the world of real estate.
Blockchain technology is revitalizing the sale process of real estate properties, which has been riddled with fraud for years, in a myriad of ways. It helps to increase the security of transactions, cuts intermediaries out of the purchasing process, reduces overhead costs, tokenizes assets to allow for fractionalized ownership, and can assist in so many more ways.
What is Blockchain?
Blockchain is an open-source digitally distributed, decentralized, public ledger that’s a means of hosting data across a network. This technology is not limited to just Bitcoin or other cryptocurrencies, but rather can be utilized in almost any instance involving data recording and transactions. By utilizing a distributed ledger system and cryptographic encryption, blockchain ensures immutability and promotes transparency and data integrity.
Krishna Meruva, marketing manager at ChangeHero, an instant cryptocurrency exchange, believes blockchain is breaking down borders that exist under the umbrella of traditional real estate sales.
Blockchain enables the “real estate market on a global scale; anybody from anywhere may have an opportunity to acquire a property,” she says. “The real estate market is known for its offline transactions, but blockchain technology will let people trade assets online.”
How Can Blockchain Impact Real Estate?
The technology has the potential to transform the real estate industry in a number of ways, including:
#1. Security: Real estate investing can bring about a number of security issues, such as the necessary protection of confidential personal information, but blockchain can enhance trust, security, transparency, and the traceability of data across networks. “Blockchain technology …
Full story available on Benzinga.com