"Blockchain technology will not only affect the financial markets. From now on, blockchain technology will also impact real estate transactions, smart city planning, and other real estate sectors, "said Roger Ver, CEO of Bitcoin. said in an interview with the China Economic Times on July 20.
Ver is an early investor in Bitcoin and a very influential figure in setting up the Blockchain ecosystem. He has invested in Blockchain-related startups such as Electronic Ripple and Kraken Electronic Exchange among a myriad of other options.
Ver will participate in Blockbuster Real Estate 2018 (RBE 2018) as the keynote speaker; RBE 2018 will take place on September 19-21, 2018 at Hall A, COEX, Samseong-dong, Seoul, Korea, and will show us the potential convergence between the real estate market and Blockchain technology.!
Ver said:
"Blockchain technology can reduce transaction costs in an innovative, innovative and potentially useful way within the real estate market."
The use of Blockchain technology can enhance security and transaction security without requiring any further action to ensure the transaction.
Blockchain records certain transactions taking place over a specified period of time, verifying and recording transactions into a block. Since a new record inside a block is always connected to an earlier block, stealing data is almost impossible.
Ver explained that:
"In the United States, any real estate transaction is required to have title insurance, which is very expensive, to avoid any potential conflicts between buyers and sellers. Implementing Blockchain technology for real estate transactions will eliminate the need for title insurance. "
"In the United States and Europe, mortgage-backed mortgage products use electronic money as collateral has been created," and "electronic coins can replace the role of legal fees and escrow services in real estate transactions. "
Ver also predicts that Blockchain technology will play a large role in the future development of intelligent cities
According to him:
"Blockchain technology can integrate into our everyday lives with Internet of Things (IOT)." In the United States and Switzerland, there have been cases where people pay electricity and house taxes electronically.
As Blockchain technology continues to evolve, more transactions will be processed faster and have greater potential to use it in a variety of ways. "
He points out that the biggest barrier to implementing Blockchain technology in a variety of areas, including real estate, is not its technological capabilities, but legal issues.
"In most countries, the real estate industry has not kept up with the pace of technological innovation," he argues. "For Blockchain technology and electronic money to be widely used, regulatory rules governing old must be changed. "