Home> Blockchain News> Blockchain technology can be used not only in digital currency but also in the real estate industry

Blockchain technology can be used not only in digital currency but also in the real estate industry

Author:Hubi Date:2018-06-12 17:35:13

Blockchain technology was born in Bitcoin a decade ago. Although there was hardly any word for blockchain at that time, let alone blockchain technology, blockchain is now highly favored in the Internet sector. In pursuit of, and not only in the Internet field, even other industries are beginning to accept and apply blockchain technology!


With regard to real estate, a look at how to link to the Internet has begun to apply blockchain technology! This is the news from the United States, the United States real estate industry began to initially accept virtual currency and blockchain technology to support these currencies. Some real estate companies began to test the use of virtual currency to pay rent, or even purchase real estate; several states in the United States have also begun to amend the law to allow the application of this technology to real estate transactions. This may eventually lead to important changes in the way the property is traded. Relevant experts in the United States stated that if blockchain technology is applied to real estate, it may greatly promote important changes in the way of real estate transactions.


Although significant differences may take years or even decades, several states in the United States have begun to revise laws to allow the application of this technology to real estate transactions.


The main concern of the real estate industry is how "blockchain" technology may affect the recording and transfer of real estate vouchers during the transaction process. A blockchain is equivalent to recording the book of a bitcoin or other virtual currency owner. Proponents of this technology say that it can be applied to the process of recording and transferring real estate vouchers, providing an effective and safe way of tracking a piece of land, an office building or a home owner.


Some real estate companies have also begun to test the use of virtual currency to pay rent, and even buy real estate. Some US state governments are also paving the way for the application of this new technology.


Earlier this year, Arizona Governor Doug Ducey signed a bill that allows local municipalities to use blockchain technology to replace traditional property ownership and transaction records. Ducey’s spokesperson stated that this legislation establishes that the blockchain can be used as a model for smart contracts.


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The scope of blockchain technology can be used is very broad. If it is successfully applied in the real estate industry, then there are successful cases, especially in the real estate violence industry, so I believe in other areas will also receive more blocks Chain technology allows blockchain technology to better integrate into our lives!