With cryptocurrency seeping into industries around the globe, it was only a matter of time before it made its way to real estate. And rest assured, it’s here.
Already, a third of millennials have invested in cryptocurrency, according to a study last year by London Block Exchange and reported in be widely adopted in the next ten years.. And notes that analysts in both technology and real estate expect blockchain will
Savvy commercial real estate owners and investors need to start watching.
Love it or loathe it, you need to understand how blockchain is disrupting the CRE industry. For most of us, that begins with understanding the technology and terminology:
Cryptocurrency makes real estate transactions faster, easier.
The potential for cryptocurrency in the real estate industry is enormous.notes you can already purchase and complete a property sale (including escrow and title insurance) simply by clicking on a shopping cart on a website. The blockchain will record the title or deed to the appropriate public records and ensure the seller gets the cash (in cryptocurrency, of course) and the buyer gets the title or deed.
Blockchain is attractive to CRE owners and investors.
At this stage, blockchain in the real estate industry is most common in commercial and international transactions, appealing to CRE pros for several reasons, according to.
The same features that make blockchain effective for exchanging property also make it work for information exchanges, so CRE investors can also use it for everything from storing contracts to monitoring cash flow.
Blockchain holds promise for CRE buyers and sellers.
There’s no telling the many ways blockchain technology will affect commercial real estate in coming years. Though not yet perfected, its widespread use seems inevitable. And that means cryptocurrency—and the speed and efficiency if offers—are coming to a commercial real estate transaction near you.