In Europe, blockchain tech is finding uses in real estate markets.
Both private companies and public bodies ranging from the United Kingdom to Spain and Sweden are utilizing the technology. It allows them to keep a transactional digital register that is shared for all payments made in BTC and the various altcoin techs.
The idea is that this interconnects a wide range of real estate related documents, data sources, and other kinds of information. It is able to boost transparency, efficacy, and security in the various transactions.
The residential markets are spearheading the movement to adopt the technology in real estate. Only this year, realtors sold a residential property using blockchain in the city of Manchester. Near the end of 2017, two different British homes found buyers via Bitcoin payments.
Swedish Land Registry Tests Blockchain Tech
Sweden has a land registry called the Lantmäteriet. They have been engaged in a two year test pilot program. In turn, this blockchain fintech should reduce time between signing contracts and recording sales from a tedious few months to only hours.
Admittedly, this is a tentative first step for the powerful application. Now they are waiting on property records becoming fully digitally available. For the real estate adoption to be successful, the parties handling the transactions will have to work together. Furthermore, they will need to freely share data. This is a high threshold to reach, as there are many “kingdoms” in real estate.
Acceptance in Commercial Applications
Market participants often include major players in commercial real estate these days. Those involved in real estate finance, construction, valuation, and sales and rentals of properties are good blockchain candidates. They can employ these digital universe applications. The blockchain fintech provides a powerful boost to sluggish and outdated procedures in commercial real estate. This limitation has always been confining and frustrating for the various real estate parties.
A key area for improvement is valuation. This is one part of real estate that has so far resisted adoption and acceptance of blockchain. Those kingdom holders so far are not yielding up the proverbial keys to their kingdoms.
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