Real Estate and Blockchain
Compumatrix has opened many doors for me throughout the years. As a real estate professional, It inspired me to learn more about real estate and Blockchain technology.
I started my real estate career in 1998 during the dot com boom in San Francisco. At that time. I had access to weekly listings in an office binder and Thomas Guide map in my car. No computers for listings or cell phones. My career excelled with the following real estate continuing education designations: Certified Residential Specialist (CRS), Accredited Buyers Representative (ABR), Graduate of the REALTOR Institute (GRI), and Certified Distressed Properties Expert (CDPE). A few years ago, I attended a Blockchain event in Las Vegas for real estate blockchain platforms. I was blown away by the advancements in Blockchain technology that disrupted the real estate industry. It inspired me to take another designation course as a Certified Crypto Agent.
I joined a virtual real estate office, where I had to choose my avatar, and the company interaction was in an animated cloud office on a cartoon campus. I was a cartoon taking real estate seminars and discussing transactions with live managing cartoon avatar brokers. The days of dressing professionally, driving and hours of office meetings with bagels and coffee are gone. It is all online and now the ultimate solution for COVID. No more open houses. It is virtual showings.
I researched and met the CEO of a real estate transaction coordinator blockchain Ethereum based platform, where all transactions are time-stamped and immutable and secure. Buyers, sellers, and brokers sign the paperwork online with a private key. All parties have access to files immediately, and they can see the time-stamped blockchain transactions. It has saved time with all paperwork from agents, brokers, escrow, title, inspections buyers, and sellers because there is less time involved with the escrow and paperwork, which allows more time for sales.
The most advantageous feature is financial security. California has a mandatory disclosure for wire fraud, which has been a problem with escrow emailing wire instructions to buyers. Buyers started receiving fraudulent wire instructions to hackers. This platform solves the problem with the Blockchain, as it directly into the system with private keys. It allows for purchasing with cryptocurrencies or fiat. The platform is secure with wire transfers and BTC transactions.
More options with Cryptocurrency Lending for real estate is another advantage for Blockchain with smart contracts and peer to peer lending, which is transparent and trackable.
At a Title company presentation, I learned they are putting all deeds on the Blockchain for security. It has been an endeavor. However, it is a solution that will save time with real estate transactions.
The platforms use the technology to list properties and transactions, but another advantage is property management and rentals. They are platforms to pay rent and rentals agreements on smart contracts.
Real estate investing platforms use tokens to purchase fractals of real estate investments. I attended a meetup where I learned that real estate investing was being tokenized, advantageous to international investors, especially for commercial real estate investing.
My excitement for the blockchain technology in real estate has inspired my own goals with real estate purchases and investments. I am grateful to Compumatrix for the possibility of acquiring real estate with Blockchain technology.
Originally published at https://www.compumatrix.ph on September 28, 2020.by Kristin Pichler
