If you think of blockchain, you might think of data, secrecy or decentralization. But its primary purpose was to act as a digital time stamp and was first used in 1992 by Haber and Stornetta to create a verifiable audit trail. Back then time-stamping was incredibly useful in their scientific space, where ideas were currency and you needed to protect them. However, auditing is a universal language, and the latest fan of the transparency blockchain can bring appears to be real estate, where both new and long-established companies are looking at cost-cutting measures.
There are many advantages to using blockchain in real estate, including the technology’s immutable distributed ledger, universal accessibility, and other unique qualities. The EU market is showing excellent potential for blockchain, and as of yet, it is not being exploited to its full capacity. While it is thought that EU banking regulations will provide a boost for blockchain technology, adapting to GDPR could prove a potential stumbling block that will need to be overcome.
Crypto to attract clients
As it stands, most real estate transactions that involve cryptocurrency require the parties to transfer their assets into fiat cash – although experiments involving direct crypto to crypto transfers are ongoing. According to one of the world’s largest real estate companies Cushman & Wakefield, the industry is just starting to attract interest. In their latest, Blockchain, Bitcoin and Real Estate - Part 2 of the Tech Disruptor Series, they look at the industries and verticals most likely to transition to blockchain technology in the coming years, and how these innovations will, in turn, impact commercial real estate. .READ MORE