When you are on the hunt for a new apartment, you have a lot of things running through your mind: reasonable rates, nice neighborhood, school nearby, etc.
One thing that probably doesn’t cross your mind: Bitcoin.
However, if we look at the facts then it is evident that in the near future cryptocurrency and blockchain technology will play a vital role in the real estate market.
That is what at least real estate agents are preparing for.
It’s no surprise that blockchain has the power to completely transform the real estate market, from purchasing and selling to lending and brokerage.
Merrion and Meisner of Boulder’s Land Title Guarantee Company are pitching the idea of using cryptocurrency and blockchain technology for real estate to property dealers. According to Meisner, this prevailing technology is now so well-known that people are actually considering harnessing it and talking about its benefits.
What is cryptocurrency and blockchain again?
To simplify, cryptocurrency is a type of currency which is not only easily verifiable but also quickly transferable without the need of a bank to operate. The most famous type of cryptocurrency is the well-known Bitcoin.
Blockchain on the other hand is a distributed ledger. This technology monitors activities such as receiving money. Blockchain technology has a plethora of applications. Blockchain promises a progressive future for the digital economy but it is now being used in the real estate market as well.
Merrion further shares his experience of when he first purchased a few bitcoins in 2012. He says he bought them and sold them a little too early without earning much profit. However now, he elaborates, the cryptocurrency market has skyrocketed since he first purchased those bitcoins. The price of bitcoin is also on the boom without seeing any major downfalls. In spite of the highs and lows of this revolutionary currency, many people see cryptocurrency as a host of a plethora of businesses.
Fuad Ahmed is of the view that, in this day and age, a lot of businesses are using cryptocurrency to tackle the real estate market. With the help of cryptocurrency for real estate you can interact with people from around the globe and do business with them. Cryptocurrency helps make our economy way more globalized than it currently is.
In 2018 many cryptocurrency-based companies dived into the real estate market to make it better. Although, the real estate projects that have started so far are relatively young but they have still earned a good name for themselves. So, let’s take a look at 5 of the top real estate cryptocurrencies.
Propy focuses on making the real estate market accessible and global through a merged asset store and property transfer platform. Propy will be an amazing platform for investors looking to buy or sell property overseas. This process which is currently very tough and requires a lot of time will be significantly made easier.
To start off, Propy will approve land purchases made on its platform. That’s the short-term plan. As for the long term, Propy hopes to collaborate with legal offices in order to automatically deem any properties bought on Propy as legal.
It is anticipated that by July 2020 Propy will enable P2P transactions.
REAL or Real Estate Asset Ledger is focused on significantly reducing the number of intermediaries that come between a buyer and a seller, increasing transparency and decreasing barriers to entry. Simply put, REAL decreases the friction that occurs between a buyer and a seller.
This will result into a higher profit margin for sellers and a lower cost for buyers. Investors will also be able to generate a relatively higher rental allowance. Profits can be received in the form of Ether.
In February 2018 of REAL launched a beta version of its software.
ATLANT aims to solve the biggest issues surrounding the blockchain based real estate industry: tokenized ownership and global P2P rentals. ATLANT is aspiring to become the ‘AirBnb killer’ by decreasing the fake ratings and a reducing the fees.
Like Propy ATLANT also focuses on developing partnerships with local authorities from around the globe in order to make the transaction approval procedure easier for the buyers and the sellers. ATLANT plans on doing this by integrating its own platform with blockchain enabled governmental registries.
ATLANT launched its platform in March 2018.
REX is hoping to become the most globalized real estate platform in the world. This platform is where the data is kept, approved and made safe. This can be done by making use of Ethereum, smart contracts and cryptoeconomics.
This real estate data marketplace aims to provide all real estate solutions through a single platform. Companies that consist of important and useful data buy and sell it. However, REX plans on changing that. With REX users can stay entitled to their real estate data and earn points/compensation for sharing their data.
REX is gearing up to launch its platform in December 2018. Currently the platform is undergoing some rigorous tests.
LATOKEN’s platform is already operational. This platform has come a long way in a short amount of time and the future looks bright for it as well.
Although LATOKEN has already made significant progress, it is still striving for betterment. The platform has collaborated with a couple of firms to enable LATOKEN to become the Amazon of Tokenized Assets in 2-3 years.
These 5 cryptocurrencies are very likely to be the future of real estate. Although they haven’t been in the market for too long, they have shown a lot of potential in a short span of time. These 5 cryptocurrencies for real estate seem very promising and it won’t be a surprise if by 2020 it becomes traditional to buy and sell properties through these platforms. In 2017 the first home was sold using bitcoin. But it is only a matter of time before pretty much all of the real estate transactions are made using cryptocurrency.