How can cryptocurrencies change real estate investing?

Dogecoin rose 3X today, and bitcoin tanked 30% today – it is something that cryptocurrency followers are used to hearing. It no longer hits the nerves the same way.  

Blockchain, the underlying cryptocurrency mechanism, has disrupted the world of financial services. But is there any sector that it has not yet influenced? The inculcation of cryptocurrencies has revolutionised international transfers and impacted several other services tremendously.  

But one of the principal innovations driving everyone crazy is the idea of NFTs or non-fungible tokens, a digital currency looking to emulate physical ones. 

Even though a sector that doesn’t like volatility, real estate is in a perfect place to revamp itself with the help of blockchain and innovations like NFTs. There are plenty of online resources available for more NFT learning, including tutorials, forums, and educational courses.

The world first heard of bitcoin, a blockchain-based cryptocurrency, in 2009 (most people today rue the opportunity of not buying and only hearing about it). But it was only in February 2018 that we first saw the usage of blockchain for real estate transactions. It was via a pilot program with Propy, a San Francisco-based start-up allowing anyone from any part of the world to buy or sell real estate through its blockchain.

Since then, the world has come a long way in accepting cryptocurrencies as a medium for real estate transactions. Here is how they can change the real estate landscape –

• Smart contracts

Real estate has been using physical contracts since its inception as a business. The inculcation of blockchain would allow brokers and buyers to execute intelligent contracts via a distributed and decentralised blockchain network. These are easy to track and are irreversible, ensuring optimum safety of records.

• Improved transparency

The introduction of cryptocurrencies and blockchain is a move to eliminate privately owned real estate databases that others cannot use for cross-referencing. With blockchain’s help, real estate brokers can move the property listing services into a decentralised database, ensuring optimum safety and access.

• NFTs are the future

Real estate is often criticised for being illiquid. For example, a plot usually has to be bought by an individual or a family. With NFTs, hundreds of people can purchase a single piece of land, each getting tokens as proof of ownership.

Blockchain and cryptocurrencies can supercharge the real estate sector

Blockchain and cryptocurrency can help in making the entire process of buying and selling real estate seamless. Its inculcation can also help in creating secure databases, thereby making the process more transparent and accessible.

Global real estate is worth hundreds of trillions of dollars but is dominated by the wealthy and large corporations. Through blockchain technology, more people may be able to access the market where transactions can be made more transparent, secure, and equitable. Real estate transactions may eventually become truly peer-to-peer activities with blockchain-powered platforms doing most of the work.

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