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With Blockchain, which is somewhat similar to Bitcoin, and other virtual currencies powered by the Blockchain technology, there is a real possibility of eliminating the need for trusted third parties when facilitating transactions by using smart contracts. These contracts make it possible to automatically verify and enforce real estate contracts without having any human involved. As a result, the need for real estate agents, inspectors, title insurance providers, and lenders is greatly reduced. Nick Szabo, a well-respected computer scientist, came up with the original smart contract concept during the 1990s. Originally, he provided an example using a vending machine. He…
The emerging technology known as blockchain has the potential to revolutionize the real estate industry. A blockchain creates a digital ledger shared amongst a computer network. Whenever an information change is proposed, all the authorized participants run complicated algorithms to verify the data’s legitimacy and approve the proposed transaction. This system allows authorized participants to update the ledger’s data without needing a central verifying authority.
Blockchain technology is poised to transform the real estate industry. Other nations have invested in the secure potential. Now the Cook County, Illinois Recorder of Deeds Office is pioneering its use in the United States through a partnership with startup Velox. The Office becomes the first government agency to experiment with blockchain`s potential for secure record keeping. "The Cook County Recorder of Deeds Office has been closely watching blockchain technology as the next-generation land records system, and we are excited to partner with a group that is actually interested in how this technology can work in real-world situations,"" said John…
If you've been paying attention, you've probably heard the term "blockchain" making its way around the conversation circuit over the past year or so. And for good reason. Blockchain is arguably the most significant technological development since the Ethernet.
It's been described as a technology that will ‘change the world'. Banks believe it could be the future of financial transactions, utilities hope it will modernise the grid and musicians anticipate that it could change the way they receive royalties without going through a record label. So
In my opinion, we are still at the very beginning of the “crypto/blockchain” era for commercial real estate. The far reaching implications of what that is and will be cannot be overstated. What I have tried to do in the last few weeks is give you a deeper understanding of some of the elements at
Blockchain: Changing the world, starting in New Jersey By James Barrood, NJTC, September 19, 2017 at 10:34 AM James Barrood of the New Jersey Tech Council.- (AARON HOUSTON) By now, you've probably heard that “blockchain will change the world.” Notwithstanding massive recent hype, it almost
By Turner Levison  Posted September 25, 2017  In Commercial Real Estate Commissions How Bitcoin & Blockchain Technology Are Changing CRE2017-09-252017-08-25
The blockchain is a new and innovative way that people and companies can create, verify, and enforce transactions without a middleman or central authority. It’s essentially a decentralized ledger that records transactions chronologically. Transactions recorded on the blockchain can include the
As Bitcoin and other cryptocurrencies have been on fire for a large portion of 2017, focus has turned to blockchain, the underlying technology that powers these digital currencies. But blockchain technology has many more potential use cases and applications other than just serving as the fuel behind