In December 2017, the value of Bitcoin neared the $20,000 mark, setting off the latest craze of speculation, excitement and skepticism over the future of cryptocurrency. Bitcoin has had a short yet storied history, but while most of the headlines focus on bitcoin as an asset, many of the most impactful applications actually center around the underlying technology — the blockchain. Blockchain technology is transforming industries, including real estate, to make them more modern and efficient.
Blockchain technology is having an impact on the way we do business in real estate in these three key ways:
At its core, blockchain is the ability to share databases and processes. This opens up promising opportunities to make real estate data, which is principal to the process of buying and selling homes, more centralized and accessible.
Every real estate transaction goes through the multiple listing service (MLS), which tracks what agents represent which clients, contracts, listing agreements, appraisals and more. However, the MLS is notoriously fragmented. The information is decentralized and restricted, making access difficult for people who are not real estate professionals. It’s often out-of-date as well, which hampers an agent’s ability to make comparisons and spot trends.
Blockchain technology can be used to overcome these barriers within the MLS. By providing a way to securely share data, the blockchain makes a shared, nationwide database possible, one that offers real-time access to property information straight from the source and enables a more holistic view. It also opens up more opportunities for collaboration among players in the real estate industry.
This article was curated from Google News. You can read the original article here.