The infiltration of blockchain, the technology that supports cryptocurrencies like Bitcoin, into industries around the world is only a matter of time.
The historically traditional commercial real estate industry won’t easily escape.
In its simplest form, blockchain is a distributed database. By recording and combining transactions into a de-centralized, secure ledger system, it creates a “chain” of chronological data that no one party has control of. The value lies in the system’s ability to authenticate and track transactions in real time without the use of a third party, such as a bank.
The technology has the potential to transform the property business. The potential shake-up would significantly speed up transactions and increase transparency.