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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