Real Estate

 

 

 

 

 

 

 

Blockchain real estate. Several industries have lately discovered the sheer amount of positive utility the blockchain technology into their space. One of those industries happens to be the real estate industry. Real estate remains the largest asset class in the world. As per Fortune, London-based real estate advisor Savills tallied up the value of all global property, including commercial and residential property and forestry and agricultural land. By their calculations, the total global real estate valuation comes a whopping $217 trillion total, and residential property makes up about 75% of the total value.

Blockchain Real Estate

A blockchain is, in the simplest of terms, a time-stamped series of immutable record of data that is managed by a cluster of computers not owned by any single entity. Each of these blocks of data (i.e. block) are secured and bound to each other using cryptographic principles (i.e. chain).

The three main properties of the blockchain are:

  • Decentralization: All the data that is stored inside a blockchain is not owned by one single entity.
  • Transparency: All the data that is stored inside the blockchain can be seen by everyone who is part of the network. Every single piece of data can be traced right to its very origin.
  • Immutable: All the data that is inside the blockchain cannot be tampered with because of cryptographic hash functions.