Big Roadblocks Ahead in the Adoption of Blockchain Technologies for Real Estate
Blcokchain technology and crypto-currencies are getting a lot of attention these days. The headlines typically focus on the price of Bitcoin, but there is a lot more going on behind the headlines. I’m not going to explain the technical details but the most interesting applications for real estate deal with smart contracts, publicly verifiable ownership records, faster transactions, and reduced back office expenses. If realized, some of these concepts could disrupt the traditional real estate transaction and result in new ways of transferring ownership in real property. The Real Estate Council at Forbes provided their view of the issues facing blockchain’s use in the real estate industry. In summary, they see a number of stigma related reputational issues, government and regulatory hurdles, and entrenched incumbent intermediaries as likely roadblocks to the adoption of blockchain technologies in real estate. It will be interesting and important to watch this area as the Blockchain technology matures and more applications for real estate are developed.
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