Blockchain, what could go wrong?
Though at its core, blockchain technology and real estate appear to go hand in hand as the next best technology to make transactions easier, faster, and without issue. But although blockchain technology can provide the means for cryptocurrency investors to make or lose millions in an instant, it is not without some pause when it comes to implementation for real estate.
You are comfortable using proptech like 3D tours in your daily schedule however blockchain technology is a whole different thing. For starters, the computers that run the blockchains require a substantial amount of electricity to operate smoothly thus negatively impacting the environment as recently uncovered in an MSNBC article.
Also, the use of blockchain in real estate would involve changing systems, rewriting laws, providing protection of privacy, and of course jurisdictional rights. At some point in the blockchain, the information has to come in contact with human users and that can open up the data to security risks and hackers.
Keeping an open mind helps to determine what are the future benefits of real estate and blockchain for you. The industry is evolving, technology is advancing, and the way you do business is changing.
It is important to maintain a healthy interest in proptech and blockchain so you don’t become the weakest link in your own profession.
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