Bitcoin and Blockchain have the potential to completely revolutionise the Real Estate Industry.

Crypto-currencies like Bitcoin may completely change traditional business models in many different industries, especially Real Estate.

Using Bitcoin and Blockchain can increase efficiencies in Real Estate, making property transactions easier, faster and more secure.

As it currently stands, a real estate transaction involves many steps with intermediaries like mortgage providers, solicitors etc.

Bitcoin and Blockchain have the potential to completely disrupt this process.

Bitcoin does not rely on a bank or central party to verify and process transactions.

Transfers are encrypted and sent to a distributed network formed by Bitcoin users.

There is no financial institution involved in the process, nor is the currency backed by physical assets.

Blockchain is what enables Bitcoin to be moved around.

Blockchain is a secure and transparent public ledger.

Blockchain can transport different types of currencies and property from one owner to the next.

Unlike a bank who stores all their information in a central repository, Blockchain has a distributed database spread across a large network that verifies the integrity of the decentralised database and all the transactions.

Resources are shared therefore third parties are not needed to keep any of the processes flowing.

For the Real Estate Industry, this means that everyone involved in a transaction can have a copy of all the accounts and the information is distributed very quickly over a high-speed internet.

The property settlement process can be completely streamlined with transaction speeds happening in Real Time and not days.

Customers and Agents would no longer need to visit multiple physical offices to get all the information needed to complete property settlements.

Blockchain can securely store and verify data such as deed information, current legal owners and repair history.

This has the potential to eradicate title related costs, insurance and legal fees, not to mention, building inspection documentation and other related documents, would all be publicly available.

The industry in the UK & US are exploring several ways to incorporate Bitcoin and revamp inefficiencies and investigating ways to add Bitcoin as an accepted payment and there are several other countries around the world, where you can buy property and even pay rent with Bitcoin.

Australia…..watch this space!!!!

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