Imagine purchasing a property as you would a car or perhaps a Mars Bar. Not likely right? Well, that is exactly what is being proposed by enthusiasts of the virtual currency, Bitcoin.
Recently, there has been much discussion around simplifying the property transaction, not just in the US, but other countries such as United Kingdom, Australia, New Zealand and the like, are all looking toward making the exchange of title a whole lot smoother. A white paper authored by Alex Mizrahi, discusses the use of blockchains and how they can help streamline the property transaction, whilst maintaining the necessary vigour around the sale/purchase of the property.
In his paper, Alex outlines the use of blockchains and how they can maintain integrity of the transaction, providing an easy, cost/time effective solution to the problem. Blockchain is a technology term, and used widely in systems incorporating databases and/or networks to maintain integrity. Wikipedia defines blockchain as:
In general, a blockchain maintains a continuously growing list of transactional data records hardened against tampering and revision, even by operators of the data store’s nodes.
Blockchain is employed by the currency Bitcoin to maintain it’s transaction record (ledger), and is referred to as Bitcoin Blockchain. The technology simplifies the transaction, whilst maintaining the transaction’s integrity. The funds transfer (thus the ownership) occur seamlessly in real time, albeit a Mars Bar, a car or a house.
In the not too distant future, purchasing a new property could be as simple as tapping your mobile device on the pay pass sensor in the real estate office… presto, the new condo in New York City is yours.
You can read more on the development blockchain for the property transaction below: