The Real Estate Institute of Queensland (REIQ) has plans for the real estate enterprise to go on a blockchain-based system.
The REIQ has struck a deal with a local startup that has been working on blockchain technologies. It seems that the program will have a product on display by 2019. Igloo, the tech startup that in a partnership with REIQ will be making the calls when comes to blockchain development.
The ushering of new adoption in the blockchain era with the power, security, privacy and transparency that this tech has to offer to empower small to large scale business, companies. This early adoption is a great sign of new era in transition while mass adoption will take some time with the help of progressive education for the public. One step at a time- crypto will make progress.
Real estate enterprise can benefit from a blockchain system in that immutable contracts on the blockchain would provide solid proof of purchase. Tenancy agreements would be set loose on the blockchain so that transparency can be preserved. The smart contracts concerning tenancy status can be on the blockchain for both parties to present them as evidence of tenancy if needed, helping both parties create trust.
With smart contracts, it would be easier of for real estate businesses to have insights on the type of properties rented/bought, the time it took for a property to be rebought and how long tenancy agreements lasted was. This data and many other factors are what constitute the market trend.
If real estate businesses all over the world begin adoption of blockchain systems, I believe in a matter of a decade, we would be transacting real estate fuss free and almost instantaneously.