The Impact of Blockchain on Real Estate
Blockchain has been slowly, and rather quietly, taking the market by storm. It is a medium that not everyone understands, but has enough of an impact for business to want to either build their own or seek it out from third party providers like FemTech Solutions. One prestigious company, Deloitte, recently published an analysis of blockchain on the commercial real estate market. This analysis shows that not only is it an inevitability, but that it can help the process long term in several ways:
1. Cost is reduced for consumers as the process is faster, requires less overall review and verification since that is done on the chain itself
2. Time is dramatically reduced from start to closing
3. For retail or other commercial revenue spaces, it helps get the doors open faster thus enabling a faster rate of commercial consumption and higher ROI for the business utilizing the technology.
4. Everything is transparent therefore the trust is higher for transactions
According to the study "Forum survey of 800 executives and information and
communications technology sector experts, 57.9 percent of the respondents believe that 10 percent of the global GDP information will be stored on blockchain technology by 2025." This is a huge deal. Similar to the internet, blockchain will soon become a regular tool that people use for their transactions. It can also help the real estate market by enabling the technology to help expedite the whole process and allow for ease of use for those buying property. This speaks highly to the millennial generation whom rely on technology for their everyday lives.
To read more on this study: https://www2.deloitte.com/us/en/pages/financial-services/articles/blockchain-in-commercial-real-estate.html