Crypto and Blockchain to Change UK Property Market
Usually when the word cryptocurrency is heard, instantly bitcoin comes to mind. But bitcoin isn’t as revolutionary as what bitcoin and all crypto currency is built on, which is the blockchain.
So what is the blockchain and why is it so revolutionary? Well the blockchain is a digital ledger in which transactions made are recorded chronologically and publicly. This means information stored on the blockchain cannot be faked or manipulated.
So how is the blockchain going to change the property industry in the Uk?
Well, Ethereum which is an open source public blockchain, uses something called smart contracts. Smart contracts are computer protocols intended to facilitate, verify, or enforce the negotiation or performance of a contract. With the use of smart contracts and the blockchain, legal contracts, mortgages and land registry data can be all be completed and stored on the blockchain without the need for solicitors.
The UK government have already begun talks to switch the way land registry works and to make the process digital, naming the project ‘Digital Street’. This is because in 2016 alone, there were over 300 land registry errors due to human error.
Crypto businesses are currently launching ico’s (initial coin offerings) which is the sale of crypto coins/tokens that their businesses use, to gain the funds needed to either launch or expand their businesses. Those that missed out on bitcoin are quick to buy up ico’s due to the huge value growth most experience shortly after release.
The lastest UK Based token sale has been launched by a new start-up crypto business by the name of Agent Not Needed, which has set out on a mission to change the way UK property is sold with the use of block chain technology and smart contracts. The Agent Not Needed token (ANN Token) has been made available for sale by founder Anthony Pentland and co-founder Petros Georgiou who are creating a property portal similar to RightMove but where anyone can buy and sell their properties without the need of going thru an estate agent, which currently is the only way to get listed on a property portal.
Their ambition is to give back the control of selling a property to the individual and by saving them time and money by allowing them to transact directly. Using smart contracts individuals wont need to use solicitors to complete sales and the property platform will cut out estate agents who charge high fees and commission and who also make the whole process of buying and selling property slow and stressful. A survey in the UK carried out by ‘Which?’ reported that selling a house is one of the most stressful events, ranking higher than having a child and changing jobs. Agent Not Needed aim to change this.
The company is backed up by the Co-Operative banks senior mortgage fraud advisor and ex Fraud Prevention Strategist of the MET Police (New Scotland Yard) David Knowles along with an advisory team of individuals that have worked alongside big brand companies such as Active Mortgage Services, Orange, Zoopla, Oculus, Jet2, Jet2 Holidays and EE.
For more information regarding Agent Not Needed and the ANN Token sale, visit their token sale website at tokensale.agentnotneeded.co.uk
Sources
https://www.gov.uk/government/news/hm-land-registry-signals-the-start-of-its-transformation
https://press.which.co.uk/whichpressreleases/revealed-buying-and-selling-a-house-one-of-lifes-top-stresses/
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/662811/HM_Land_Registry_Business_strategy_2017_to_2022.pdf
