By Matthew Sullivan, CEO of QuantmRE
Advances in blockchain innovation mean that the real estate sector no longer needs to rely on dusty documents and traditional sales processes, because property titles, insurance, ownership transfer and escrow processes are all moving onto the blockchain. While buying a property will not be as quick and easy as buying a book from Amazon, for now at least, the world of real estate from home buying to property investment is about to be transformed.
Why change traditional house buying?
An EY report published earlier this year pointed out that residential real estate markets with their agents, brokers, attorneys, mortgage lenders, appraisers, title companies and more, form an expensive, time-consuming web. Current due diligence processes, looking into property titles, for example, can take weeks and, in some cases, months.