Property investors are willing to embrace blockchain technology, but believe that regulators are unprepared for its introduction.
Integrating blockchain with existing regulatory and legal frameworks is seen as the biggest challenge preventing the widespread adoption of the new technology.
Online real estate platform BrickVest surveyed 101 property investors and found that 70% felt regulators weren’t ready for the new technology.
The second largest perceived obstacle is the reluctance by banks, insurance companies and private equity firms to invest in blockchain technology followed by a lack of knowledge and education among industry participants.
However, despite these potential pitfalls, more than half (56%) of real estate investors believe that the sector will eventually adopt blockchain technology for transactions.
“While the majority of property investors view blockchain as a core part of the future industry landscape, investors have correctly highlighted many of the challenges ahead, most notably at a legal and regulatory level. It will be a far from straightforward journey to overcome the status quo,” said Emmanuel Lumineau, chief executive officer at BrickVest.
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