How Bitcoin will revolutionalise finance and real estate
Many of you would have heard about Bitcoin, but did you know that the technology behind bitcoin called Blockchain technology will revolutionalise finance and real estate in the near future?
I went to REIWA training on Wednesday called Blockchain – Enabling Greater Trust in the Real Estate Industry. It was the very first course of its kind in Australia, and it just shows how cutting edge our state is in terms of technology in Real Estate.
What was very exciting about this technology was how quickly Real Estate transactions could be completed. For now, the process could be at best four weeks if finance was approved quick enough and the banks were ready for settlement. But in the future, this whole process could be reduced down to a mere couple of minutes.
Another interesting aspect of this technology will allow properties to be more liquid. Tokenisation of your property will allow you to divide your property up to say one million shares, and then you can sell these shares on a property exchange (similar to the stock market). People who purchase these shares can trade them on this property exchange 24/7.
This will allow many investors to get involved in property without having to outlay large amounts of money or be in heavy amounts of debt and at the same time allow owners to realise the liquidity in their homes.
Obviously there are implications around tokenisation and the real-world legalities will have to catch up with the technology.
These are some examples of what Blockchain Technology can do. There are hundreds of ways Blockchain technology can affect finance and Real Estate and this technology could even introduce new products and services that are yet to be imagined.
Australia is one of the leading countries worldwide that recognises that Blockchain technology is set to become the 4th Industrial Revolution and has set out a Five-Year National Blockchain Roadmap. If you are interested to read this, please click on this link.
To me this technology is very exciting, and I look forward to implementing these technologies to further help and support my customers.
Licensed Real Estate Agent
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