Everything you need to know about Smart Contracts In Real Estate
Real estate has long been considered a place where blockchain technologies could flourish. Blockchain is the technology behind cryptocurrencies such as Bitcoin, Litecoin and Ethereum. Essentially, it is a public, digital ledger or database that records all transactions, without the need for a central verifying authority such as a bank. No middleman means reduced legal and title-related costs and a faster settlement process.
While it is far from commonplace, in the last few years, we have seen a few transactions completed with cryptocurrencies. Smart contracts in real estate present another potential development for real estate. Similar to cryptocurrencies, smart contracts use a computer protocols to verify legal transactions. This can help the involved parties save time and reduce costs. While its growth will likely be slow and measured, we may see smart contracts creep into the industry in 2019.
The first properties have already been sold using blockchain technology and a number of blockchain real estate companies have emerged. These include Propy (PRO tokens), Propify, RentBerry (BERRY tokens), ShelterZoom and Brickblock.