When it comes to the future of real estate, there are only a few guarantees. Land will be necessary. Buyers and renters will still exchange money for property regardless of changes in the market. But beyond these, we can only give educated guesses.
And in the guesstimations of industry experts, blockchain will continue to inch further and further into these transactions and processes. That will mean storing property titles on blockchain ledgers, lowering the cost of insurance, and reducing the risk of title theft. It will mean keeping property data accessible on a single decentralized database. And it also means the blockchain will improve or replace essential processes through automation. Blockchain technology could even upend the way we invest in real estate.
As these possibilities come to fruition, real estate agencies and related businesses won’t be referred to as “blockchain companies.” They’ll simply be companies that use the blockchain because it makes more financial sense. And this pool of companies will grow as time passes.
1. Perrin Quarshie, CEO and Founder at RealBlocks
“Many are very excited about what blockchain can accomplish in the future, especially with regard to further innovation in tokenization/fractional ownership, title management, MLS property data, and so on. At a very high level, blockchain is going to be able to replace and improve a lot of the things that we currently do, and we’ll eventually get to a point where companies are no longer described as “blockchain companies”. During the boom of the Internet Age, there were countless “Internet companies”, but now the internet is just something that every company uses and the impact of blockchain will be very similar in that regard. It will become the underlying technology standard for how we do work in the future.”
2. Mike Cagney, CEO and Co-founder of Figure
“The most fascinating aspect is title. When property title moves to blockchain, it will unleash savings and opportunity. The average cost of title insurance will fall from $1,000 to roughly $200. Risk associated with title will plummet. And investors–consumers and institutions–will be able to easily buy and sell partial interest in a range of real estate as easily as they do equities today.”
3. Piper Moretti, Founder and CEO of the Crypto Realty Group
“My ideal platform includes end-to-end use cases, from offer to contingency removals, loans and payment gateways to time-stamped signatures. Smart contracts will cut escrow times in half at the very least, with minimal headaches or surprises. Fractionalization is just around the corner and that’s exciting, however, land registry is probably going to be the first on board.”
4. Jonathan Chou, CEO and Co-founder of Bee Token
“The future of blockchain and real estate will be the increase of liquidity in these markets. Deals and transaction times as well as authentication and identification will be a lot faster in terms of processing as well as speed. Blockchain is a backend technology that can help the invisible part of the guest and host benefit tremendously.”
5. Mike Liddell, CEO of AssetBlock
“With blockchain, investment can flow more easily to the benefit of both sides of the transaction. As the volatility in crypto related investments reduces with the tokenization of real-world assets, non-crypto participants and previously untapped capital will be drawn to the space. In addition, legacy transactional elements such as titles that are currently seen as inefficient could be brought into the technology with an improved and secure process.”
6. John Kang, Co-founder and CEO of Reasi
“A financially healthier US population due to maximized home ownership. The largest number of people gain access to this unique investment that provides attractive tax breaks, asset appreciation over time, and financial security especially for retirees. Blockchain efficiency also expands service to property classes and communities that are being ignored due to financial friction. Today, low value homes have slow turnover because of unmotivated loan officers paid on % commission or high transaction costs. Blockchain-based financial solutions would unlock this market, and bring liquidity and investment to a niche historically poorly served.”
7. Itzik Spitzen, CTO and Co-founder of LeasePilot
“The future of blockchain is progressively increasing the transparency and liquidity in the real estate market by making trusted public information available to everyone. In the future, external investors should be able to make knowledgeable, data-driven decisions about investing in real estate anywhere in the world, using accurate, reliable and publicly available information thanks to blockchain.”
8. Greg Bohenko, Acquisitions Manager at Samuels & Associates
“I’m very excited about the capabilities it has to standardize the systems in developing countries. The impacts of blockchain could provide stability to property systems allowing for wealth creation for its citizens. I’m hopeful that as younger executives and owners become the leaders of this industry, you’ll see more wide scale adoption.”
9. Jitesh Keswani, CEO of e-Intelligence
“The future of blockchain is bright as it is transforming the real estate landscape for the customers. It allows the customers to find the agents easily just by inputting their property information. It makes it possible for the customers to get rid of unnecessary payment of commission to the agents.”
Original Text: https://www.disruptordaily.com/future-of-blockchain-real-estate/
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