SVN International Corporation announced its partnership with Imbrex, a blockchain-backed multiple listing service. The significance of the deal, Real Deal reported, was that it made the commercial broker one of the very first to start storing data on a blockchain. It also marked another milestone for blockchain's commercial benefits as a whole.
Blockchain refers to a single block which holds data or other files and is found on a decentralized network of servers storing such information. The followers of blockchain usage have hailed it as a "more secure marketplace" which makes deals and processes more efficient. It also eliminates the need for a third party to check and verify the movement of data and the completion of transactions.
There had been a lot of news about blockchain and its ability to 'disrupt' the real estate industry. The technology, indeed, has a lot of potentials, when the real estate market is involved. It can create seamless transfers of files, like contracts and deals made, and can securely store this on the network until one or both parties need to take a look at it.
Blockchain has become quite the celebrity among countries. In China, there are about 197 blockchain firms that have been approved. Finance Magnates reported that Baidu and Alibaba have counted themselves among these blockchain firms. It is a big step, considering China is a bit conservative when it came to the Internet.
Rules have been set in a place where the government would be able to access data on the blockchain readily, among other things. It was also reported that coin offerings and other forms of cryptocurrencies wouldn't be readily accepted in the country, meaning that tokenization still had no place in China; they preferred blockchain over any virtual coin.
In spite of all the reservations, the local investors have still come out in support of any form of digital commerce. The government is still encouraging startups to go the way of blockchain and utilize the said technology to 'disrupt things,' even including a 'technology roadmap' to aid in guiding companies to help the nation's development in the tech sector.
Little by little, blockchain is getting the serious recognition it deserves. There's the startup situation in China, and now, the listing request by SVN. Who knows what's next for blockchain? They might be disrupting things in the real estate market by now, but in the next months, they might be primed for bigger, more serious things.
