Making transaction processes more efficient: Most real estate transactions are still conducted through wire transfers and require costly verification processes that can take days to complete.Reducing siloed databases: Real estate processes would benefit from secure and tamper-resistant shared databases that compile data and documents from various different stakeholders in one place.Improving trust and transparency: Blockchain technology offers a verifiable and censorship-resistant option for sharing information (such as valuation details).See our explainer for more on how blockchain technology works.īlockchain technology has the potential to address many challenges within the real estate industry, including: Blockchain technology operates through decentralized peer-to-peer platforms, building resilience against the spread of corrupted information and boosting resistance to fraud. Why blockchain tech could benefit the real estate industryīlockchain technology offers a form of shared record-keeping which is designed to be difficult to tamper with. Due Diligence and Financial Evaluation Process.Areas of real estate being transformed by blockchain technology.Why blockchain tech could benefit the real estate industry.In this analysis, we dig into how blockchain technology could transform the real estate industry, and the areas where we’re already seeing its impact. Some big incumbents are already betting on the tech: Real estate giant RE/MAX has entered into several partnerships to explore blockchain use cases, while Hilton Worldwide has begun using a blockchain-based property management system.
The decentralized-record-keeping technology, which is designed to instill trust in the authenticity of digital transactions, could be used to create efficient solutions for both commercial and residential real estate - from buying property to conducting due diligence to enabling crowd-sourced investments, and more.
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