BlockchainDriven's expert consultants have worked with clients in a number of fields spanning numerous industries. One in particular with a very real potential for disruption is real estate. Peter Borovykh, Blockchain Solutions Architect with BCD recently spoke at the Name Summit Conference in New York City about the subject.
According to the experts at BCD, there are a significant number of areas in the industry that blockchain can touch.
Title Transfer
Land Registration
Transparent Transactions
Track Registry Transactions
Title Search
Commercial Real Estate Transaction Platforms
Property Valuation
Mortgage Applicants
Finance Verification
Reduce Fraud and Error
Due to its rather static nature and the traditionally high cost of entry, the real estate industry and especially real estate investment are prime contenders for one of the industries most impacted by blockchain technology.
Some examples of promising projects we've seen are Praetorian and Meridio:
Praetorian will invest in a real estate portfolio, which their PAX Tokens represent a share of. Then, rather than cryptocurrencies being tied to an arbitrary value that fluctuates constantly, PAX Tokens will steadily grow and behave similarly to real estate prices, climbing over time without the wild spikes that are commonly seen in other cryptocurrencies.
The team at BlockchainDriven weighed in:
“Praetorian is doing something very interesting. They are entering blockchain and cryptocurrency through a totally unique angle, which is something that we advise our clients on daily. The space is currently very crowded, and the ICOs that blend in with the rest will not get funding. We do a lot of work consulting with our clients to make sure they are really utilizing the potential of blockchain in unique and innovative ways.” – Peter Borovykh, Blockchain Solutions Architect at BlockchainDriven
An offshoot of Consensys, Meridio is a unique and powerful tool that allows anyone to invest in shares of real estate with the transparency and security of blockchain. It offers those looking to invest lower investment minimums, reduced transaction costs, and increased liquidity. All of these factors combine to create a platform that makes investing in real estate available for every type of person, regardless of wealth or status.
However, co-founder Mo Shaikh admitted that much of the work he has to do is to teach “Blockchain 101” to those in the real estate industry. That is why experts at BlockchainDriven focus so much on consulting, advisement, and strategy. There is simply a lack of reliable and knowledgeable professionals in blockchain.
This only represents a small portion of the great potentiality and use cases blockchain has to offer within the real estate industry. With expertise from the BCD, understanding how much room is left on the table and what blockchain technology can tap into is a key step in realizing the revitalization of this industry.