The blockchain is disrupting the property Industry by changing this process and making it completely transparent. What was once an excessively complicated and administrative procedure can now be simplified considerably. Smart contracts, which are essentially self-executing contracts that include the terms of the agreement between the buyer and seller directly written into the lines of code, revolutionize the way property gets sold and brought.Read More
British entrepreneurs Michelle Mone and Doug Barrowman have launched a bitcoin-priced real estate development in Dubai. The project spans more than 2.4 million square feet. An initial tranche of 150 apartments will be sold in bitcoin in a world-first. Studio apartments will be sold initially at a starting price of 30 BTC — worth $133,918.Read More
Co-living pioneer The Collective has announced that prospective tenants can pay deposits from Monday in bitcoin. By the end of this year it will also accept rent payments in the cryptocurrency. This is the first time in the UK a major property developer has enabled bitcoin payments. The Collective said it was in response to demand predominantly from international customers.Read More
The real estate industry has always been slow to adopt new technologies, however, it is becoming more open to the idea that blockchain has the potential to transform the way we buy and sell real estate by lowering hidden costs, expedite the process, reduce frauds and increase transparency.Read More
Can you legally transfer ownership of real estate on the bitcoin blockchain? Can a blockchain real estate title transfer be recorded in the government public records? Can you do both without needing special permission or partnership with the county government?
The answers are yes, yes, and yes.Read More
Using blockchain for real estate title is an exciting focus for many companies, entrepreneurs, investors, and even governments. Because I see mistakes being made in these efforts, I will share my best principles and practices for blockchain title applications.Read More
But the situation may be about to change as a new wave of fintech start-ups around the world begin disrupting the sector with blockchain (or distributed ledger) technology.
It has the potential to bring together the vast amount of property information currently stored in many private and government databases, including all legal and transaction history, via a single digital address stored on an immutable, public distributed ledger.Read More
Instead of writing rules and appointing a regulator to monitor for breaches, which is how the current financial system works, Bitcoin’s code sets the rules and the network checks for compliance. If a transaction breaks the rules (for example, if the digital signatures don’t tally), it is rejected by the network.Read More
A real estate buyer in California profited nearly $1.3 mln after purchasing $4 mln worth of Bitcoin with an intent to purchase a house in California.
Earlier this month, BitPay chief commercial officer (CCO) Sonny Singh was approached by a real estate buyer based in California who wished to purchase a $4 mln house solely using Bitcoin.Read More
Blockchain technology, which implements data integrity via computer science rather than via “call the cops”, has so far made possible trust-minimized money -- cryptocurrencies – and will let us make progress in other financial areas as well as other areas where transactions can be based primarily on data available online.Read More
Through an exclusive partnership with real estate tech startup Velox.re, Chicago’s Cook County will test the use of the Bitcoin blockchain for transferring and tracking property titles and other public records. The Cook County Recorder’s Office is the second largest such office in the United States, and it it will be the first in the country to experiment with blockchain technology.Read More
The internet made it possible to transfer information, quickly, cheaply and paperlessly without intermediaries. Similarly, blockchain technology offers the same advantages for transferring value. You use the internet to transfer words and pictures; you use blockchain platforms to transfer money and assets. Starts on page 28.
On this special Live episode of Let's Talk Bitcoin!, Adam Levine and Pamela Morgan sit down with Ragnar Lifthrasir of the International Blockchain Real Estate Association and Chris Bates of the Bitland Ghana project at the D10E Conference which took place on July 20th, 2016 in San Francisco.Read More
Some experts suggest that the blockchain, which is effectively the machine behind the cyber currency bitcoin, could completely transform the way we pay for goods and services or exchange information. For those of us in the real estate business, that has potentially game-changing implications.Read More
2016 is the year real estate wakes up to blockchain as industry professionals are looking to harness the technology to reduce costs, stamp out fraud and speed up transactions.
One particular metric that is proof of the nascent eagerness of the industry for blockchain technology is growth of the International Blockchain Real Estate Association (IBREA).Read More
The biggest obstacle hindering the development of blockchain for real estate is an industry that is afraid of change. “The response I’ve gotten many times is, Who else is using this? The real estate industry has too many people who want to not make a mistake rather than innovate. It’s why our industry is years behind Wall Street in terms of technology adoption.”Read More
Similar to Bitcoin and other virtual currencies powered by blockchain technology, “smart contracts” have the potential to eliminate the need for trusted third parties to facilitate transactions. In the case of real estate agreements, contracts could be verified and enforced automatically without the need for human interaction, reducing the need for agents, lenders, inspectors and title insurance providers.Read More
The idea is that by using a cryptographically secured and totally decentralized authority that can work at the speed of a computer, we should be able to keep power distribution, water treatment, self-driving transportation, and much more from ballooning beyond all practical limits as cities continue to grow.Read More