Google Blockchain and you’ll find thousands of articles. The crypto world wouldn’t exist without Blockchain. I think blockgeeks.com described it best: Think of it as a shared Google Doc that has no centralized location and can only be added to but not edited, and is accessible to everyone on the Internet. Every Bitcoin and the millions of other existing cryptocurrency transactions are recorded onto the Blockchain. Since it’s hosted by several computers simultaneously, it is impervious to hackers (well, in theory). An editor, or miner, is locked out until the previous transaction is recorded, making it impossible to edit the same record at once.
So again, how does this work with real estate? Here’s the cool thing: Blockchain isn’t just for cryptocurrency — although we’ve already proven we can fund with crypto, Blockchain has spread to other uses, such as recording deeds and transferring title, escrow, contracts and even smart contracts. The process is safe and legal, as the software must be compliant with existing laws; it’s merely transmuting the paper trail into a digital trail. In the very near future, tech startups such as CPROP.io (shameless plug because I’m an advisor) will have everything we need from agents, to vendors, to executing the contracts from beginning to end in order to complete a transaction in a matter of days rather than the typical 30, 45 or 60-day escrows. And, it’s powered by Blockchain, of course.
Does this then eliminate the roles of the broker and escrow? No, but according to Ragnar Lifthrasir, Founder of IBREA, now is a good time to educate and find ways to integrate Blockchain technology into the world of real estate (read more about IBREA’s pilot program in Chicago or watch the video here). It’s no secret that real estate practices are outdated, and this could be a defining moment in whether or not real estate practitioners are willing to adopt new ways of getting the deal done.
I love the idea of integrating blockchain technology into the real estate system. I do believe blockchain will disrupt the industry. After going through the CPROP.io whitepaper I am trying to grasp their goal. I can see that CPROP will be vetting their service providers which will be beneficial for all of the parties involved, but this can be done with yesterdays technology.
Is there a bigger vision I am not seeing in the whitepaper?
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