All Aboard the Blockchain Train

By
Real Estate Broker/Owner with RealtyHive

Last month Forbes magazine published an article online about the ways blockchain tech could impact the real estate industry. This caught my interest as there's been a lot of buzz about blockchain technologies and I was curious if they could represent a new tool to may our lives easier without threatening our careers.

If you're interested in the full article you can find it here, but if not, here's the tl/dr; version of how blockchain could impact our industry. 

 

Unifying the MLS

Having an MLS makes perfect sense until you're looking for a property in another area. Few industries still use a data system as fragmented as the current MLS system. Blockchain technology in its simplest form is a way to share information securely, like having all agents connected to one big Google Drive or Dropbox file. 

 

Centralizing Title Records

Right now titles are kept largely offline and mostly in paper. Using blockchain tech would allow for the digitization of all records allowing for quick and easy access to both current and historical information. Cook County (home to Chicago), Illinois is experimenting with this now. 

 

Financial Transactions

Blockchain doesn't require trust between parties to conduct a financial exchange. Instead, it works much like an escrow account where one person sends funds to another, but the funds aren't released until the transaction is formally completed. 

 

Right now some of my team and I are attending the International Blockchain Congress in Chicago. I'm excited to learn more about how this advance in technology will be able to help streamline and make real estate transactions more secure and easy for everyone involved. I'll let you know what I learn! 

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Rainer
242,391
David Barnes 303.929.8450
Reverse Mortgage Funding - Denver, CO
NMLS # David 501351

Sounds like this will be a real benefit going forward, kind of surprised that it took this long for someone to pull it all together. Exciting.

 

Feb 10, 2018 08:53 AM #23
Rainmaker
387,849
Peter Mohylsky
BETTER HOMES AND GARDENS REAL ESTATE - Santa Rosa Beach, FL
Your Bucket List Broker along 30a

Interesting stuff, thanks for posting and all for sharing this information,  

Feb 10, 2018 09:35 AM #24
Rainer
436,660
Kimo Jarrett
WikiWiki Realty - Huntington Beach, CA
Pro Lifestyle Solutions

Just read an article about bitcoin losing 70% of value and others losing even more.

Accordingly, it said "Bitcoin prices fell 70% from their late December peak to their early February trough. Ethereum prices have dropped nearly 40% since mid-January. Thousands of other less-established cryptocurrencies have fared even worse."

This asset class is extremely volatile, hence, IMO, until the blockchain has a history of relative stability, this form of currency won't be adopted in the real estate industry. What is your opinion about this issue? 

 

..

Feb 10, 2018 09:54 AM #25
Rainer
246,230
Ron Aguilar
Continental Mortgage - Saint George, UT
Mortgage & Real Estate Advisor since 1995

I have been educating myself about Block Chain ledger since early 2017. This will improve many industries and Government for the better.

Feb 10, 2018 10:12 AM #26
Rainer
402,189
Dörte Engel
RE/MAX Leading Edge - Bowie, MD
ABC - Annapolis, Bowie, Crofton & rest of Maryland

Dear Wade,

To me, blockchain still seems to be in wild west mode, so I am very worried about security (even though that is the aim). Centralizing all records somewhere sounds convenient, but could also be a security risk. Some of the smaller utilities, who have their own operating sysem, have been blissfully spared from some of the brownouts around the country over the years (said to be caused by system errors). Since all real estate is local, who would actually benefit from having everything centralized? Some hacker sitting in Moldova?

Feb 10, 2018 11:04 AM #27
Anonymous
Rose O'Reilly,HomeSmartSD

I heard about Bitcoin about 3 years ago on 60 Minutes where Leslie Stahl went to Africa to do a Report on it. She paid the taxi driver with Bitcoin as she was learning how it worked. I was amazed. My son has been investing in Bitcoin for the last year. I hope he makes a bundle. I think it is the future.

Feb 10, 2018 11:22 AM #28
Rainmaker
596,715
Todd & Devona Garrigus
Garrigus Real Estate - Beaumont, CA
Broker / REALTORS®

Very interesting for sure. Thank you for the info @wadetmicoley. I'm still a little hazy on Blockchain so I will be watching for your upcoming posts. Thanks!

Feb 10, 2018 12:40 PM #29
Ambassador
618,535
Paul McFadden
Paratex - Seattle, WA
Pest Control, Seattle, WA.

I think cryptocurrencies are to be handled with care. Most of the people involved whom I know are looking for the quick hit. Life doesn't work that way in my humble opinion

Feb 10, 2018 01:03 PM #30
Rainer
144,008
Monique Ting
INET Realty Honolulu, HI - Honolulu, HI
Your agent under the sun

Thank you for giving us a glimpse of what's to come. We live in the age of technology and information so it is no surprise for me to see our industry embracing those new tools...

Feb 10, 2018 06:58 PM #31
Rainmaker
1,160,316
Kat Palmiotti
Grand Lux Realty, 914-419-0270, kat@thehousekat.com - Monroe, NY
The House Kat

I hadn't paid much attention to this technology until Annette Lawrence , Palm Harbor, FL 727-420-4041 started sharing information about it. I did read something about how the actual technology works, and all the possible applications, not just real estate related. Very interesting.

Feb 11, 2018 04:30 AM #32
Rainer
414,398
Sham Reddy
H E R Realty, Dayton, OH - Dayton, OH
CRS

Neat idea worth implementing!!!

Right now titles are kept largely offline and mostly in paper. Using blockchain tech would allow for the digitization of all records allowing for quick and easy access to both current and historical information. Cook County (home to Chicago), Illinois is experimenting with this now. 

Feb 11, 2018 05:04 AM #33
Rainmaker
3,388,624
Dorie Dillard
Coldwell Banker United Realtors® ~ 512.346.1799 - Austin, TX
Serving Buyers & Sellers in NW Austin Real Estate

Good morning Wade Micoley ,

Glad to see your post featured and read it with interest. I'm glad to hear some of your team and you are attending the International Blockchain Congress in Chicago and will be eager to hear what you discover. I'm worried about security. Centralizing all records could definitely be a security risk. Real estate is local by state with different laws and ways of handling transactions. Texas is a non disclosure state for a reason..we respect peoples privacy. Who would benefit from having everything centralized? Hackers? Keep us updated on your continued exploration into Blockchain. 

Feb 11, 2018 05:26 AM #34
Anonymous
VICTOR WALGRAVE

Security is the plus here not a nehative. Learn what blockchain is undetstand.

Feb 11, 2018 12:50 PM #35
Anonymous
VICTOR WALGRAVE

You are doing the opposite of centralizing records. BLOCKCHAIN. Figure out was it is.

Feb 11, 2018 12:52 PM #36
Rainmaker
315,608
M.C. Dwyer
Century 21 Showcase REALTORs - Felton, CA
Santa Cruz Mountains Property Specialist

Some commenters may have confused cryptocurrency with cryptography. Tech IS hard to keep up with. Looking forward to your next post after the conference!

Feb 11, 2018 07:37 PM #38
Rainer
6,718
Elaine Sisman
The Keyes Company Realtors - Miami Beach, FL
"A Realtor you can Trust"

If you can assure stability & thereby gain trust this can have great applications for our Industry. Streamlining the financial transfers during the end of a transaction will be most welcome. Currently, it is often slow & plodding. Looking forward to what comes next.

Feb 12, 2018 04:40 AM #39
Rainmaker
185,154
Karen Mathers - Vero Beach FL
Keller Williams Vero Beach - Vero Beach, FL
When it Matters, Choose Mathers! 772-532-3221

They have been trying to make one big MLS for years.  All I can say is be careful what you wish for.   The people pushing hardest for this, is not looking out for the customer and certainly not the agent.  

Feb 12, 2018 06:46 AM #40
Rainmaker
50,539
Frank Lay and Lori Hula-Lay
HULA COUNTRY - Fort Smith, AR
HULA COUNTRY Real Estate

Very concerning...     the more centralized, monopolized or blockchained, whatever you want to call it, the real estate process becomes...the more obsolete individual real estate professionals and real estate brokerages will become...what do you think??

Feb 12, 2018 07:38 AM #41
Rainmaker
436,160
Mary Hutchison, SRES, ABR
Better Homes and Gardens Real Estate-Kansas City Homes - Kansas City, MO
Specializing in Brookside, Waldo, Prairie Village

This is all news to me and will be curious as to how it works exactly...just another technology advancement we need to prepare for!

Feb 12, 2018 01:31 PM #42
Rainmaker
351,013
Diana Dahlberg
1 MONTH REALTY - Kenosha, WI
Real Estate in Kenosha, WI since 1994 262-308-3563

I'm just learning about this now. Risky is what risky does.

Feb 12, 2018 02:11 PM #43
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Wade Micoley

CEO/Founder of RealtyHive
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