Back in September we posted a cool infographic to help explain this thing called blockchain. Quite frankly, it’s kind of hard to get our arms around (it all started with Bitcoin, after all) but we know it has the potential to have a large impact on the entire real estate industry. Most recently the folks over at Real Estate Tech News posted a story about three ways blockchain will change real estate – all of which make sense, no matter what the technology is applied to.
“A blockchain creates a digital ledger shared amongst a computer network. Whenever an information change is proposed, all the authorized participants run complicated algorithms to verify the data’s legitimacy and approve the proposed transaction. This system allows authorized participants to update the ledger’s data without needing a central verifying authority.”
Blockchain technology could change the real estate industry in three key ways:
- Cut out the Middlemen
- Transparent Transactions
- Fraud Prevention