Traditional VS Blockchain #1

Real Estate Investments

Jul 1 · 4 min read

The adoption of blockchain technologies has been notably gaining traction across various industries, including the notably traditional banking sector in South Korea, which up until recently took on a more welcoming approach to embrace the advent of such new technologies.

In this series of Traditional VS Blockchain, we look at how blockchain can disrupt different industries by reforming traditional and oft-tedious processes, while boosting efficiency and productivity.

The first industry which could significantly benefit from this digital transformation would be the global real estate market, where blockchain technology could help in revolutionising core operations, from the purchase of property to the execution of due diligence and title management.

According to Yolande Barnes, head of the world research team at London-based real estate advisor, Savills, real estate is “the pre-eminent asset class which will be most impacted by global monetary conditions and investment activity and which, in turn, has the power to most impact national and international economies”. Savills’s report in 2017 stated that global real estate values totalled US$228 trillion, an increase of five per cent from the reported figure of US$217 trillion in 2016.

However, despite this incredible potential, there have been several problems known to affect the industry and deter investors, which blockchain technology can help to overcome.

Blockchain Benefits

  • Transparency — With immutable public ledgers, parties are able to transact directly with each other without the need of a trusted third party and the peer-to-peer distributed network will retain a secure and clear record of all transactions and proof of ownership.
  • Flexibility — Fractional ownership also allows individuals to diversify and have more control over their portfolio and spread risks by owning various shares of several assets.
  • Cost efficiency — Incurred costs are significantly lowered with the removal of intermediaries like brokers, transfer agents, registrars and clearing firms, benefiting both investors and property owners.
  • Speed — With no more paperwork processes required, trade settlements and transactions can be completed instantly via blockchain technology.

Blockchain Applications

1. Real estate investing

2. Title management

3. Financing & payment systems

4. Property management

5. Due diligence & financial evaluation

6. Property search process

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The Decentralized Ecosystem for the Self-Employed

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