Our observations and notes;
Every industry is poised to be disrupted to a large or smaller extent by blockchain and cryptocurrency technologies and real estate is no exception. What these disruptions will be would differ from industry to industry and the number of stakeholders it has and the resistance they would mount to the new technologies.
Real estate transaction involves many stakeholders. Buyer, seller, real estate agent, conveyancing lawyers, authorities in charge of title registration, municipalities, real estate management companies, surveyors, mortgagees (banks and other financial institutions), insurance companies and in the event of disputes litigation lawyers, courts, arbitrators, loss adjusters and more. All these parties will be affected by this new disrupting technology at different time depending on the events that transpire pre and post the real estate transaction.
Photo by Youssef Abdelwahab on Unsplash
Going by the latest developments taking place in the crypto space, it is a given that eventually the affected industries will have to adapt to this technology. How soon that happens would depend on the speed at which the affected stakeholders accept and familiarize themselves with the new technology and the complexity of the industry involved. The more complex an industry is and the more stakeholders it has, the longer it would take for the industry to adjust and accept the new technology.
The appended article provides a bird's eye view of the benefits, use cases and implementation issues of blockchain and cryptocurrencies in real estate industry.
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