Blockchain Technology Disrupts the Real Estate Sector

April 13, 2019

Blockchain is increasingly being recognized for its decentralized, immutable, and transparent characteristics, which can be adapted for solutions across various business sectors, including real estate.

A few years ago, the focus was on the banking and finance industry, as blockchain was expected to disrupt the way transactions are made both online and offline. Now, the adoption of blockchain technology has spread to other sectors.

Altus Group, in its CRE Innovation Report, conducted a survey of 400 senior real estate executives worldwide and found that over half of all investors with assets worth over US$250 million have invested in PropTech, or property technology firms.

Surprisingly, the survey revealed that one out of 10 executives had no understanding of blockchain technology, yet many continue to make investments in the technology, either directly or indirectly. A significant proportion of respondents at 37% voiced the opinion that blockchain will likely have an effect on the real estate industry in the near future.

Meanwhile, Hong Kong Applied Science and Technology Research Institute (ASTRI) is jointly developing a PropTech platform with New World Development, which will allow home buyers and sellers to send documents and agreements of purchase to each other and to banks. The blockchain-powered system will reduce the amount of documentation required, while digitizing key processes of home buying.

Many real estate firms have also shifted their operations related to accounting, cash flow management, and compliance to blockchain via smart contracts, which are expected to allow the real estate sector to become more transparent for all stakeholders.

Source: www.cioreview.com

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