HouseAfrica: redefining the future of Africa’s real estate?

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While the acquisition of properties using virtual currencies like Bitcoin or Ethereum still seems an improbable concept, commercial real estate may be about to adopt peer-to-peer cryptographic technology in the form of a blockchain.

Provide trust
Basically, blockchain is a database that allows people and organizations, who may not trust or know each other, to share a set of verified records, with timestamps, typically financial. Trust delivered via cryptography.
Blockchain records who acted exactly in a particular way and when. It provides a means to thoroughly track and guarantee the accuracy of information and can bring considerable value to procedures such as the property register.

Financial tranquility
Imagine a world where the details of each payment of house rent can be controlled at the click of a button — the peace of mind and the power to have an accurate and verified chronology of the net operating income of a property from day one activity; a transparent and indisputable understanding of financial performance.
Blockchain may also have the potential to provide highly efficient investment assessments using comparable anonymous data. Complex and independent real estate valuations could become the exception rather than the norm, with due diligence and financial evaluation procedures replaced by a simple blockchain ledger.
There is considerable support for the theory that blockchain could also provide incremental gains in property values. The power of blockchain cryptographic technology to preserve history has the potential to significantly reduce transaction costs and even add transparency to the process of selling properties.

Operational efficiency
By allowing every transaction to be stamped, verified and allocated automatically among the tenants, a real-time charge reconciliation for 365 days a year, 24 hours a day, all at the click of a mouse, is a powerful promise.
And blockchain is also revolutionizing physical access control systems by providing access via GPS-enabled smartphones. This provides an unquestionable control path through proprietary portfolios across the world, accurately recording who was where and when — leaving the right people in the right positions.

Embracing the future
Blockchain is a very different way of doing things, it concerns self-application and the diversification of trust. It is about transparency and speed, an unstoppable push for efficiency. If change is driven by regulators, financial institutions or wealth managers, then the world of commercial property must ask itself whether it can afford not to accept this change. With the promise of the blockchain, the world of bricks and mortar of commercial property could finally embrace the full power of our newly connected world.

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