Blockchain technology forms the backbone of bitcoin transactions, but new reports suggest that it could pave the way for the next generation of real estate transactions too. From what experts are suggesting, it seems that there is plenty to gain in the real estate sector - from faster transactions to lowering the incidence of fraud.
Why the real estate sector needs this change
The real estate sector is prime for the application of blockchain tech, a secure tamper-proof database of transactions. With homeowners selling their home on average every 5 to 7 years, the technology has the potential to impact millions. Especially considering the fact that most people shift home as many as 11.7 times during their lifetime. So far, blockchain technology has been considered only for use in transactions involving valuable international art or other high value goods. After the pharma sector, real estate experts are now looking at the possibilities.
Of late, as sales have begun picking up again and demand is outstripping supply, homeowners and buyers are both eager to close transactions as fast as possible.
http://www.financialbuzz.com/blockchain-technology-could-be-the-next-big-thing-for-real-estate-399893
