In 2018, blockchain has earned enough fame in the financial sector, but 2019 is the year for the real estate sector, as it is evident from the advancements taken by different countries in this regard. The use of blockchain technology in the real estate sector has set precedent for modernizing this sector.
Blockchain technology recent advancements in the real estate sector:
Previously the Institutional banks were skeptical about the use of blockchain technology, but it seems that the recent advancement in blockchain technology has compelled the banks to change their perceptions.
The two UK based banks Barclays and Royal Bank of Scotland (RBS) are now searching in new ways to improve the real estate industry by using blockchain technology.
Director for Mortgaged Innovations at RBS, Dan Salmon gave an interview to Bloomberg in which he expressed that though the property sector is maturing, yet so far no synchronized distributed ledger technology has been introduced that would satisfy the consumer needs. Blockchain technology has the potential to boost the real estate industry on the roads of progress.
Initiatives by different countries for developing real estate sector by blockchain technology:
This technology is not alien in this field as several advancements have already been taken in mainstreaming the blockchain technology in the real estate sector.
The initiatives such as BIIG project of Europe for making of a high storage unit, Japan has taken certain steps for efficient working by implementing smart contract technology, whereas UAE is aiming to create its own crypto token and they are planning to launch ICO in the near future.
All these advancements suggest that blockchain technology is gaining a lot of popularity in the real estate industry.