The real estate industry--and other industries--are beginning to trust more and more in the blockchain. Advances in the innovation of the platform, according to Blocktelegraph, only helps the technology in creating more efficiency for the industry. It is exactly because of these facts that blockchain will lead the way towards innovation in the industries supported by it.
Property purchases aren't as simple as buying something off an internet catalog. What blockchain aimed to do is to move documents to the blockchain and make it simple for both parties to be able to draw these from the database without having to go through a lengthy process. With blockchain, the target is to make property investment easier.
Current processes are entirely cumbersome. Real estate markets are dotted with agents and brokers and attorneys who have to work with title companies and other agencies, while due diligence--at its current form--gives extra time into finishing the process. Blockchain, with its processes, hopes to do away with all the extra.
The blockchain isn't only for real estate, as CNBC's report suggested. Wall Street itself sees the crypto-technology as an 'economic growth driver,' capable of creating disruptions unheard of before. Even Federated Investors portfolio manager Steve Chiavarone is including blockchain technology into his stock market forecasts.
Chiavarone said that blockchain will be included in the five major technologies. Along with automation, A.I (artificial intelligence), the Internet of Things, and robotics, blockchain will push through to create a new industrial revolution, together with the others. Growing pains are to be expected, but his view remains unfazed.
Bitcoin is currently struggling in the FANG stock. FANG stands for Facebook, Amazon, Netflix, and Google. The reason why Chiavarone remained bullish is that blockchain is actually giving benefits to the four major outlets in the form of giving processing power, where areas from health care to financials are also reaping major rewards.
The blockchain is not hype, as some analysts suggest. There are examples of deals completed with blockchain already. Some parts of the world are preparing legal ways to govern blockchain, but with the transparency and trust that it possesses, blockchain can already create improved ways of doing things.
Blockchain brings things such as tokenization, where dealing market properties can be represented by coins, making it easier to pass along properties. With this disruption being brought about, roles of agents and agencies will change, making existing processes bend to the better, more efficient processes brought about by blockchain.
