Blockchain Technology in Real Estate
Monday, Jun 25, 2018
Imagine a world where you did not have to sell your home to be able to use your equity profit.
Imagine...a world with a trustworthy platform dedicated to selling pieces of your homes worth, as if they were stocks of a company. Well...this is the future of the Real Estate Market as we know it. This is AMAZING!
Lets just go through a basic run down of what this even means....without putting anyone to sleep.
So...the system that exists for tracking property sales, property tax, title ownership, mortgages, liens, property ownership, property lines, and the list goes on, is very VERY flawed. We have many departments in many sections of government that do not always communicate in the most effective way. There is always room for human error, and even worse, DECEPTION.
Blockchain technology can be explained in a very basic sense, as a software that is designed to make sure that all information entered (lets use a spreadsheet as an example) is kept true and correct through other spreadsheets that that number would also appear on. For example, the way properties are sold in Ontario, are through different real estate boards. Not all properties are listed on all of the real estate boards, so you must have a membership with each board in order to see all properties available in a given area with multiple boards present. Its a ridiculous system. Sorry to say...but if you have an agent from Toronto helping you buy in Burlington...you might want to make sure that they have access to the appropriate boards for full exposure to the market.
Now...lets say we were able to have all information surrounding Real Estate legitimized and connected in a way that it could not be altered by anyone along the line, what could we do next?
Eventully this same regulated system will have the ability to be used as a record keeping platform, in use to sell off portions of your properties equity as a stock to regular people who have access to this platform all around the world!
OK, I can see those eyes getting heavy....One more thing...
Nothing is for free, so of course this system will come with fees associated to the service...but these are not loans with interest. This is going to be a way for you to see instant access to your equity, WITH, the ability to buy it back from the buyer at the market rate. Very cool stuff.
TONS more to come on BLOCKCHAIN TECHNOLOGY. Stay interested! This is the future.