How the real estate industry can benefit from blockchain.
By maintaining an immutable record of property ownership, encumbrance and conveyance, blockchain can provide a certainty of information that allows for a greater level of trust and transparency.
It can allow each piece of property to have its own digital address where all information relating to the property may be stored.
This would include financial information, leases, taxes, bills, liens, easements, building performance, physical characteristics and the transaction history relating to the property, potentially eliminating the need for expensive in-depth title searches.
Crucially, all property level information can be encrypted in such a way that only those with permission by the property owner (or agent lender, in the case of a mortgage loan transfer) can be allowed access.
Looking to the future, a blockchain-based distributed ledger could provide the foundation for a more universal system across multiple geographic locations.
This could offer a standard method of record-keeping and an efficient, possibly nationwide, system of collecting and maintaining property information and documentation.