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In the final part of our series, we go into the real estate market, and how many of it’s inefficiencies can be solved by blockchain technology. We’ll take a look at how smart contracts can make for a faster, easier, and more accessible real estate market.
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According to a recent Deloitte report, Blockchain in Commercial Real Estate: The Future is Here, landlords, sellers and intermediaries (such as brokers and lawyers) all have access to the historical data for both the specific property alongside the commercial real estate market as a whole. No more entering data in multiple places, multiple times.
“Today we can do all of those things with both websites and e-mails … but in a blockchain world, assuming that confidentiality is cleared, that property would have a property identity, so the previous people who owned the property, any of the inspections or records, landlord information, would be fully disclosed,” explains Ms. Botting.
“In theory, you’re not involving a lot of paperwork and you’re reducing the number of people involved in the process.”
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