Vacation rental houses. Parking spots. Even dream homes. Before long, they'll all be purchased on a blockchain. In fact, blockchain-based real estate is already gaining popularity as a way for buyers, sellers and investors to interact with each other and learn about properties.
But why is blockchain poised to give the real estate industry such a significant leg up? First and foremost, by leveraging Distributed Ledger Technology (DLT), it increases trust through greater transparency. And in real-estate, trust — of a website, an agent, a listing — is imperative. Blockchain also expedites contract processes, saves time and reduces costs.
Because the daily rate of real estate transactions is so immense, a common database of leases and purchases is more necessary than ever. Blockchain can provide that. Upgrading the traditional Multiple Listing Service (MLS) database to a blockchain-based would create a far more transparent ledger system where brokers and agents could see the entire transaction history of a property.
To read more about other applications for blockchain, click here.
Besides helping the traditional real-estate industry, blockchain is also being adopted by the burgeoning property-sharing sector. Below are 17 companies that use the increasingly popular technology to boost business.