A majority of institutional investors believe that the real estate industry will adopt blockchain technology for property transactions.
Online real estate platform BrickVest surveyed 101 property investors and found that while 44% claimed to be familiar with blockchain technology, only 2% said they were very familiar.
BrickVest said that the main benefit of using the new technology is that it speeds up the process of buying or selling a property.
The online firm is prototyping blockchain as a fully complaint repository system and has filed a provisional patent. It believes that the technology can improve the inefficient structures of financial markets.
“Blockchain technology has already made the online investment market more fluid whilst acting as an interesting tool for the secondary market, enabling smaller investments and trade volumes. These smaller investments were not possible before due to the cost of the middle man,” said Emmanuel Lumineau, chief executive officer at BrickVest.
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