Blockchain technology is hitting the real estate industry hard in 2018. Blockchain is one of the most versatile creations of modern technology. The protocol can be applied to almost any kind of software, especially ledger based applications.
Blockchain uses distributed ledger technology (or DLT) to maintain changes and records across each node on the blockchain. Changing the information on one computer updates the ledger for everyone—making it nearly impossible to hide changes. DLT is remarkably fast when it comes to approving transactions, something many people are considering for the real estate market. Blockchain technology can be incredibly beneficial to this type of industry.
More Efficient Real Estate Processing
The biggest advantage of blockchain technology is the increase of transaction reliability. Blockchain technology adds a level of much needed security. The transaction approval time is also nearly instantaneous.
Any field or business reliant on ledger based protocols are perfect for blockchain innovation—making real estate an ideal industry to pursue. Many aspects of real estate, like transaction processing, are perfectly suited for new blockchain upgrades. This applies to things like smart contracts, record keeping, and supply chain management.
Important Blockchain Real Estate Companies To Watch
UBITQUITY
This company offers a remarkable Software-as-a-Service (SaaS) platform based entirely on blockchain technology. Their primary function is to address the security and efficiency of recording or tracking property data and information.
Their platform is perfect for real estate companies looking for a new, reliable, record keeping system. You can track changes in records, modify existing data, and locate crucial real estate records instantly, securely, and with confidence.
SMARTREALTY
SMARTRealty is another revolutionary company to keep a close eye on. The focus of this project is centered around blockchain supported smart contracts. Any sort of typical contract can now be supported by this innovative blockchain platform.
This software is perfect for a myriad of real estate uses. Some examples include lease agreements, mortgage contracts, and even financing contracts. Blockchain systems add an incredible level of security only possible with DLT.
What To Expect
If there’s one thing easily agreed upon in the real estate world, it’s undoubtedly the overall benefit of blockchain technology. Record keeping is an incredibly critical component of the real estate industry. Real estate brokers, agents, and even customers will all become beneficiaries of this new innovation.
Over the next year, we’re going to see a plethora of new blockchain based startups. The real estate industry is rich with potential and many developers are already jumping at the opportunity to provide new solutions for age old problems.
Keep your eyes peeled for these new technologies. It will take time to refine these programs and work through the influx of new ideas until the best ones surface. Until then, we can expect new project ideas, whitepapers, and applications for many different areas of the real estate industry.