Advances in blockchain innovation mean that the real estate sector no longer needs to rely on dusty documents and traditional sales processes, because property titles, insurance, ownership transfer and escrow processes are all moving onto the blockchain.
While buying a property will not be as quick and easy as buying a book from Amazon, for now at least, the world of real estate from home buying to property investment is about to be transformed.
Why change traditional house buying?
With its many third parties, time delays and lack of transparency, the legalities involved in buying property will be drastically simplified with blockchain.
For example, in the verification of property titles; a title record for a property could be used on the blockchain in the form of a smart contract.
Smart contracts do not require a trusted third party and, when a property is bought and sold, the details are encrypted and added to the record.
This is a radical new approach which is gaining momentum — being able to own units or tokens in residential real estate – and it opens up the market to people who would otherwise not be able to invest in this sector.
But where does all this change leave the real-estate agents?
Undoubtedly, their roles will change, but there is no sign of them disappearing any time soon.
Blockchain not only will improve the current processes of buying and selling property, but it will also revolutionize our traditional attitudes towards real estate.