Will blockchain and smart contracts revolutionise the real estate industry?

Will blockchain and smart contracts revolutionise the real estate industry?

But the situation may be about to change as a new wave of fintech start-ups around the world begin disrupting the sector with blockchain (or distributed ledger) technology.

It has the potential to bring together the vast amount of property information currently stored in many private and government databases, including all legal and transaction history, via a single digital address stored on an immutable, public distributed ledger.

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Chicago’s Cook County to Test Bitcoin Blockchain-Based Property Title Transfer With velox.RE

Chicago’s Cook County to Test Bitcoin Blockchain-Based Property Title Transfer With velox.RE

Through an exclusive partnership with real estate tech startup Velox.re, Chicago’s Cook County will test the use of the Bitcoin blockchain for transferring and tracking property titles and other public records. The Cook County Recorder’s Office is the second largest such office in the United States, and it it will be the first in the country to experiment with blockchain technology.

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Could Blockchain Change The Face Of Property Transactions? Page 28 - RICS Journal

Could Blockchain Change The Face Of Property Transactions? Page 28 - RICS Journal


The internet made it possible to transfer information, quickly, cheaply and paperlessly without intermediaries. Similarly, blockchain technology offers the same advantages for transferring value. You use the internet to transfer words and pictures; you use blockchain platforms to transfer money and assets. Starts on page 28.
 

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IBREA Founder: Sleepy Real Estate Industry Wakes Up To Blockchain

IBREA Founder: Sleepy Real Estate Industry Wakes Up To Blockchain

2016 is the year real estate wakes up to blockchain as industry professionals are looking to harness the technology to reduce costs, stamp out fraud and speed up transactions.

One particular metric that is proof of the nascent eagerness of the industry for blockchain technology is growth of the International Blockchain Real Estate Association (IBREA).

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Trade Group Promotes Using Blockchain for Real Estate

Trade Group Promotes Using Blockchain for Real Estate

The biggest obstacle hindering the development of blockchain for real estate is an industry that is afraid of change. “The response I’ve gotten many times is, Who else is using this? The real estate industry has too many people who want to not make a mistake rather than innovate. It’s why our industry is years behind Wall Street in terms of technology adoption.”

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Will Blockchain Smart Contracts Revolutionize Real Estate Transactions?

Will Blockchain Smart Contracts Revolutionize Real Estate Transactions?

Similar to Bitcoin and other virtual currencies powered by blockchain technology, “smart contracts” have the potential to eliminate the need for trusted third parties to facilitate transactions. In the case of real estate agreements, contracts could be verified and enforced automatically without the need for human interaction, reducing the need for agents, lenders, inspectors and title insurance providers.

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What Is Blockchain / Bitcoin And How Does It Apply To Real Estate?

What Is Blockchain /  Bitcoin And How Does It Apply To Real Estate?

The internet made it possible for individuals to transfer information, quickly, cheaply and paperlessly without obtrusive intermediaries. Similarly, blockchain technology offers the same advantages for transferring VALUE.

The Blockchain and Bitcoin will transform real estate in four ways:
Disintermediation, Fraud prevention, Money 2.0, and Smart contracts.

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When Will the Sleepy Real Estate Industry Wake-Up to Blockchain?

When Will the Sleepy Real Estate Industry Wake-Up to Blockchain?

In an industry that still uses a lot of paper, a blockchain ledger could provide commercial real estate with improved efficiency and security in how records are transmitted, recorded and stored. Advocates believe that the industry will eventually adopt blockchain technologies for essential real estate functions such as payment, escrow, and title.

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