Blockchains: The Effect on Real Estate

May 20, 2019

 

In the world we live in today, technology dictates how we do most things. Blockchains, bitcoin, and other electronic technology are essentially a money marketing revolution that will affect the daily lives of all people and businesses. Blockchain technology is a growing set of records, called “blocks”, that are linked using cryptography.

Real estate blockchain technology


Each different block contains three things: a cryptographic hash of the previous block, a timestamp, and transaction data. The importance behind the idea of blockchains is that it allows different people of two or more parties to “interact” in a financial transaction without having a middleman to note what is going on.


Blockchains are essentially un-crackable and un-hackable, so all records, credit information, and financial data are completely safe. Blockchain technology has the ability to help business grow because of their many applications, including:

  • Smart Contracts
  • Voting
  • Elections
  • Supply Chain Management
  • Criminal Records
  • Records/History (Medical)
  • Personal Records
  • Bank Records/History
  • Credit Information/History
  • Property Rights
  • Intellectual rights, patents, and trademarks

As long as the information being used is an agreement or record, a blockchain can record, encrypt, and store the information for as long as needed.


What Does This Mean for Real Estate?


The real estate process can be long and arduous. With blockchain technology, you could streamline the process of buying or selling real estate. Blockchain technology can be useful in managing how real estate records are stored and retrieved. The technology would also eliminate the problem of records disappearing, being deleted, or becoming outdated.

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