You want an answer, seriously?
It’s a big YES!
Will Blockchain Ignite Fractional Ownership Market For Homes?
The second quarter of 2017 was a wild one for blockchain companies and investors with nearly 60 ICOs closed in the quarter for more than $750M, and it looks like it’s just the beginning. Blockchain is going to affect almost every industry as it renders intermediaries obsolete. This is the reason for global giants such as SAP, IBM and others to invest in blockchain: they are trying to become the disruptor, not the disrupted.
The real estate industry has always been slow to adopt new technologies, however, it is becoming more open to the idea that blockchain has the potential to transform the way we buy and sell real estate by lowering hidden costs, expedite the process, reduce frauds and increase transparency.
Bitcoin deedVELOX.RE
Chicago’s Cook County Recorder of Deeds, for instance, recently completed an eight month pilot program with velox.RE to test transferring ownership of real estate on the blockchain and subsequent recordingof that conveyance into the public record. The pilot was considered a success as several tests of a Bitcoin blockchain real estate conveyance with a Chicago property owner were completed and met the all the legal, procedural, and software requirements agreed upon by the pilot program participants. Cook County Recorder of Deeds approved the legal instrument that velox.RE and its user — property owner could use to publicly record a blockchain conveyance.
Valentin Preobrazhenskiy, Cofounder and CEO of LATokenLATOKEN
Cook county is not alone as Sweden’s land registry authority ‘Lantmäteriet’ has also been testing a way to record property transactions on a blockchain. Since last June the body has been testing a way to record property transactions on a blockchain usingChromaWay’s consortium database product – postchain. This could save the Swedish taxpayer over €100 million a year by eliminating paperwork, reducing fraud, and speeding up transactions, according to an estimate by the consultancy Kairos Future, which is also involved in the project. In addition, in February the Republic of Georgia was the first government to use the bitcoin network to validate property-related government transactions. This happened 8 months after the government and bitcoin hardware and software firm Bitfury Group had launched a project to register land titles via a private blockchain, which is a tamper-proof ledger, and then to make those transactions verifiable using bitcoin’s blockchain, which is public.
Read More： Forbes.com, Will Blockchain Ignite Fractional Ownership Market For Homes?