Blockchain technology continues to make considerable advancements in 2018, shaping and revolutionizing the way real estate transactions are handled. Within the real estate industry, blockchain capabilities increase accessibility, transparency and traceability and this is the main drive behind why the technology has become of great interest in real estate and banking. Blockchain technology’s ability to detect fraud and assist in streamlining transactions has made the technology incredibly appealing for established companies as well as new startups looking to get in on the action.
Within the United States, local communities and cities, such as Boulder, Colorado are embracing the move towards blockchain. Colorado has one of the most active blockchain communities within the United States and many properties in Colorado are excepting cryptocurrency payments including properties in Aspen, Colorado and Boulder, Colorado. A recent announcement from The St. Regis Aspen noted that they are putting a percentage of their luxury resort property on the blockchain with help from the crowdfunding platform IndieGoGo.
“we believe many people secretly want to own a piece of the St. Regis Aspen hotel. Owning a digital token is the equivalent of owning a share, and is a digital security. We saw that doing an IPO was not scalable through the traditional route. Seeing where the blockchain market was heading, we saw the opportunity to be first-movers with our token offering for the St. Regis Aspen.” stated Stephane De Baets.
In Manhattan, Fluidity, a blockchain startup, recently partnered with Propellr, a local New York City development firm to offer a tokenized real estate opportunity worth $36.5 million in shares.
China is aggressively adopting blockchain technology in both the public and private sectors. It was recently announced that an agreement was made for the development and construction of a smart city in Beijing China, using blockchain technology. And in a separate case, in the Chinese city of Loudi, a blockchain platform has been launched to store real estate data.
“The Loudi City Real Estate Blockchain Information Sharing Platform project was implemented by Hunan Smart Government Blockchain Technology Co., Ltd. It is the first application scenario of Loudi in the field of government service, and it breaks through the barriers of breaking departments and levels, and opens up information sharing and management coordination,” People’s Daily said(via online translation).
And all of this action has only occurred in the last 60 days. I’m confident we will continue to see growth with the real estate industry engaging blockchain capabilities. The question I have is, with all this