Blockchain is transforming multiple industries, including real estate. This summer, one of the first real estate transactions integrating blockchain took place in Ukraine.
TechRepublic's Dan Patterson met with real-estate company Propy CTO Alex Voloshyn to discuss how blockchain is transforming the buying and selling of property internationally.
"Blockchain provides a lot of transparency," Voloshyn said. It allows both parties signing a contract to verify and change records digitally.
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Propy specializes in cross-border transactions. "Blockchain provides the decentralization," he said. Sometimes when hackers cannot change data, they try to destroy it. With blockchain, you cannot change or destroy that information because nodes all over the world store that data, making it impossible to mess with.
Blockchain also makes real estate transfers more efficient. Smart contracts can automate processes like paying taxes and perform the role of escrow, he said.
The real estate market has been growing at a high rate, especially cross-border, since 2009, and there is no set of standards for these type of transaction, he added. Because of that, a real estate transaction could require multiple international trips. By using blockchain, Propy aims to make these types of transactions easier and cheaper by performing them wirelessly.
- What is blockchain? And 5 other questions your boss needs answered ASAP (TechRepublic)
- Blockchain: The smart person's guide (TechRepublic)
- 4 industries that are making the best use of blockchain technology (TechRepublic)
- Why the blockchain belongs on the CXO roadmap (Tech Pro Research)
- Blockchain explained in plain English (ZDNet)
Leah Brown has nothing to disclose. She does not hold investments in the technology companies she cover.
Leah Brown is the Associate Social Media Editor for TechRepublic. She manages and develops social strategies for TechRepublic and Tech Pro Research.