It had been clear since the end of 2018 that blockchain was set to disrupt real estate's most archaic and adamant processes in a good way. Digital Journal weighed in on what was set to happen further. 2019 will be a year of upheaval, and Jude Regev, CEO, and founder of Jointer believes that changes are in store.
Regev has joined the crowd who believes that tokenization of real estate is the future. It will 'reshape the future of property' or so he says, but with its modernization comes risks that should be studied well. He believed that it is currently shifting. From an industry where only a few people are knowledgeable of the inner workings, Regev says that it is about to be 'revealed' to a bigger number of people.
Blockchain, he added, will be a big thing for real estate. New players will be able to easily trade as much as their more experienced counterparts thanks to tokenization of properties. Transactions will also be quicker, he said; almost instantly, as 60-90 day transactions can now be done in half or even three-fourths of the time, thanks to the advancements in technology that can be used in the industry.
These technologies are represented in the form of platforms built on the blockchain. Block Publisher cited ProximaX and Bitt as good examples of how blockchain is going to be used other than for creating faster transactions or making it easier for new players to enter the market.
ProximaX is the brainchild of Lon Wong. Built on blockchain, ProximaX eyes itself as more of a solution for the platform rather than a solution to understanding blockchain use. Some handy real estate processes that ProximaX possesses invludes the ability to easily file data into it, as well as easier maintenance of a database of user information.
Bitt, meanwhile, is a creation of Gabriel Abed. Abed is a big believer in the power of blockchain as a disruptor, and he said that blockchain will soon replace the Internet as the next big thing in the world of tech. Bitt, as Abed's creation, is at the forefront of blockchain and stablecoin economy.
With these platforms and believers in the process, it's safe to say that real estate's old ways will soon die away. Better, efficient forms of dealing property and buying shares will replace it, all thanks to the investment the industry placed in the once-crypto-technology blockchain.
