The question is almost too easy to answer, as real estate has already been affected by cryptocurrencies. The emerging trend of cryptocurrencies and blockchain technology has made waves which will be felt throughout the world. Many have jumped on the train and are making use of the added security.
Online bookmakers are a good example of who wants to make use of the blockchain for extra security. The online betting world changed with cryptocurrencies and the FansUnite sportsbook uses cryptocurrencies and the blockchain to add extra security.
Real estate is following this example and here is how.
Selling and buying property usually requires a lot of money. Transactions like these are begging for the use of blockchain technology due to the sums being moved around. There are interesting trends emerging in the real estate purchasing segment.
Peer to peer property transfer or rent is one of them. Basically, peers would interact with one another, without the need for a mediator and commissions. Tokenization of real estate is something that’s still being developed. There are goals such as making these tokens represent fractional interests in real assets. There are hurdles along the way as Wall Street is quite a big one and so are the intermediary companies which usually handle property purchase.
Probably the most useful part of blockchain technology is its ability to register any data safely. Property records, transactions, all of those can be registered and ease the minds of both parties involved in a sale. When things like different currencies, laws and stuff like that come into play, a decentralized network can really make things much easier which is both a practical and safe solution.
Propy is a startup in the US state of Vermont. Vermont is already well-known for their innovative ways. Propy, however, wants to use blockchain technology to facilitate transactions of property without the need for mediators, expensive ones at that. By using cryptocurrencies and a very safe way of purchasing and selling things, you could end up buying a house from the comfort of your sofa.
Their site already allows you to purchase properties throughout the world, from Moscow, Los Angeles, Rome, San Francisco, London and many more. Some of these offers are rather luxurious. Other offers are more accessible to people looking to buy a house or apartment. Whichever you end up choosing, your money would be in a very safe place.
Cryptocurrencies are a very safe way of looking to the future. Blockchain technology enables safer transactions and storage of sensitive data, or any data at all. Security is very good and many intermediaries become obsolete through the usage of cryptocurrencies which is why they keep running into so many obstacles.
Regardless, as more companies rise and people start accepting cryptocurrencies, so will the real estate world be drastically changed. For now, change and adoption of the technology has started with more being on the way as every person makes a transaction using cryptocurrencies.