Cryptocurrency & Real Estate
In my last article I talked about how technology is shifting the way we do everything, and I mean EVERYTHING. And of course it is no surprise that real estate is one of the markets that many startups are trying to rush to the forefront of and capitalize. There has been a very big push in the Real Estate market to offer more transparency seeing that often the participants in the transaction really don’t know each other so there can be a lack of integrity. Participants are expecting the due diligence to be nonexistent, but with the utilization of “smart contracts” which is a self-executing contract with the terms of the agreement between buyer and seller being directly written into lines of code, the process can be much more transparent and simple. With so many things going on in a real estate transaction between buyer and seller like lawyers, title companies, mortgage companies, brokers and agents, the process can be very draining for a prospective seller or buyer. All of these pains can be packaged up a bit better with the use of this technology as it seems smart contracts can essentially replace many of these headaches that have caused problems in the past.
Now I know what your thinking…
“Robots are taking over everything!” But I can assure you this can also be a good thing. Human behavior has shown us time again that people will always want to connect with other people and that is how it will always be, no matter how much technology is shoved in our faces. With the incorporation of something like this in the Real Estate space it could level the playing field and entry level into Real Estate seeing there is often a HUGE upfront cost that many everyday people don’t have. Having something like this could breakdown the due diligence period and speed up the slow moving process that is currently in place. I believe in a few years that crypto will be the new way to transact and exchange between buyers and sellers and we will see a lot more companies and individuals incorporating smart contracts within their business to increase efficiency. What do you guys think?
Follow us on our social media’s
