Roger Ver, an early investor in bitcoin, in an interview with the Korea Economic Daily speculate on the prospects of the blockchain in real estate. Chapter Bitcoin.com said:
The blockchain technology will affect not only financial markets. It will also affect transactions in real estate, planning, smart cities and other aspects of this industry.
As reported by AMB Crypto, Ver will act as the main speaker at the exhibition dedicated to the blockchain in real estate. The exhibition will be held from 19 to 21 September in the business district of Seoul. It is designed to provide “a potential merger of the real estate market with the technology of the blockchain”.
The blockchain technology can reduce the transaction cost and has great potential in the real estate market. In addition, the blockchain will improve the security of transactions without resorting to additional remedies. In the US, any related real estate transaction involves the insurance of property rights, which is very expensive. This allows to avoid conflicts between buyers and sellers. The blockchain will help to get rid of the need for insurance.
Chapter Bitcoin.com believes that cryptocurrency is not an alternative means of real estate investment, as an auxiliary tool. Ver said that “the United States has created products mortgage financing that uses cryptocurrency as collateral” and that “the cryptocurrency can substitute Fiat money and escrow services in the transaction of real estate.”
According to the forecasts of Faith, blockchain technology will play a significant role in the development of smart cities of the future. He says:
The blockchain can penetrate into our daily lives, finishing in the same place as the Internet of things. In the United States and Switzerland, the people are already paying real estate taxes and pay for electricity using the crypto currency. The blockchain technology develops, the speed of transaction processing is growing, and the potential use of technology in different scenarios is great.
According to him, the main obstacle to the mass distribution of the blockchain is not technological, but legislative side:
In most countries the real estate sector has not kept pace with technological innovations. The wide distribution of blockchain technology and cryptocurrency requires changing outdated regulations.