PROPERTY is set to be transformed by a vibrant new technology that will help people buy and sell homes faster than ever before. They will also do so with more transparency and an almost negligible risk of financial problems.
Known as Blockchain, the technology is in effect a digital database. It is decentralised and presently used to facilitate online transactions, store medical records, and in many ways manage the global economy.
Its predictive capabilities mean that major accounting firms, including Ernst and Young, PwC, and Deloitte are helping pioneer the technology.
What does blockchain technology mean for the real estate market? Well for starters it will allow almost anyone with a computer to access the entire transaction history of a property. This means that a buyer or seller won’t have to rely on lawyers to quite the same extent.
Real estate agents will be able to increase their market knowledge ten-fold with immense digital databases at their fingertips. Local expertise will also increase as people from distant countries can get an incredibly accurate picture of neighbourhood dynamics from just one local computer-savvy agent.
Payment issues will be dramatically different. Owners will be exposed to a new form of online banking using digital currencies to transfers funds to sellers, electricity companies etc in real time. Best of all will be the democratisation of information. Meaning you and your agent will have more power and knowledge than ever before, making mistakes a thing of the past.