Visualize selling your house directly to another person. There is no middleman, no more paying through the roof for real estate agents commission, lawyers’ fees and bank fees, and without the need of traditional mortgage brokers. It will all be done peer to peer.
Blockchain technology has already impacted the industry by offering purchasers and sellers to connect in a different way, without the need for a real estate agent, which in turn reduces cost and time.
You can already purchase real estate with cryptocurrency as long as the seller accepts cryptocurrency. You can simply conduct a wallet-to-wallet transaction or leverage services from a cryptocurrency payment service provider.
Property transaction and ownership records are made more accessible with the use of smart contracts. All transaction history and information becomes available 24/7, with real-time data and instant validation.
More and more sellers and developers are now accepting cryptocurrency as a form of payment. A few years from now, it is predicted that blockchain’s integration with real estate will reach a whole new level beyond payments in digital currency. The blockchain technology is a real insurrection for investors and real estate professionals.
Imagine the year 2030, looking back to this time, you might wonder how we even did transactions without smart contracts, much in the same way we wonder how real estate agents got by without the use of digital systems and mobile phones today. This might become reality sooner than one might think.