Blockchain in Real Estate: Applications and Adoption

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Blockchain in Real Estate: Applications and Adoption

Post by phATstax00 » Thu Aug 02, 2018 2:08 pm

The blockchain is the foundation upon which cryptocurrency rests, but it can be used for far more than validating the transactions of Bitcoin or Ethereum. The blockchain can be applied to practically any industry, and the proposed applications of it have intrigued both professionals and tech enthusiasts alike. One of the more traditional industries that seems poised for disruption is real estate, but what exactly are industry leaders seeing in blockchain, and what possible roadblocks are keeping it from being adopted into the mainstream?

Smart Contracts, Fraud Prevention
A main goal of the blockchain is to provide a secure place for people to organize and store their data. What makes this technology appealing to mortgage lenders and escrow companies is its ability to keep troves of data safe from hackers while simultaneously improving the user experience. Considering the amount of paperwork involved in even the simplest of real estate transactions, smart contracts can make it easier to facilitate the exchange of raw, commercial, and residential land. From leasing documents to international real estate purchases, start-ups have already started implementing the technology to improve communication and limit liability for all parties. Mortgage wire fraud has plagued the industry for quite some time, and smart contracts appear to be one of the best ways to prevent it. ... -adoption/

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