Real estate industry

Could blockchain technology revolutionize the real estate sector?

The report titled, Blockchain: opportunities and disruptions for real estatediscovered that Blockchain technology has many applications for the real estate industry and could help reduce friction in complex transactions, expand service offerings, facilitate tokenization, increase transparency and improve information flow .

Jason Potts, co-director of RMIT’s Blockchain Innovation Hub, said he jumped at the chance to work with REIA and REINZ to provide blockchain research for future real estate applications.

“The real estate industry has the appetite and the incentive to really use blockchain technology to improve the customer experience,” Potts said.

“Now is the time for Australia and New Zealand to become early adopters and in doing so offer more options to their customers, such as tokenization of real estate assets, which may lead to lower costs, increased liquidity and therefore faster settlement times,” he said. .

REIA Chairman Hayden Groves said that blockchain technologies are in the early stages of adoption by real estate agencies across Australia and that the REIA and REIs will work together to improve opportunities for consumer outreach. practitioners.

“We have everything from a CPD (continuing professional development) accredited blockchain course run by REIWA, to agents in Sydney being the first in the world to accept payment for goods in cryptocurrency, as well as the emerging technology of smart contracts for roller sales and rentals,” Groves said.

“RMIT has identified a range of key existing and ready-to-use opportunities to deepen this offering, which includes asset management, token co-ownership, loan and mortgage securing and payments, and time accounting. real.”

Groves said research is only as good as its adoption, and the REIA team was tasked with getting to work on an adoption strategy.

“As President of REIA, I want agents and agencies to be a trusted member of their communities and real estate transactions and blockchain offers the potential to completely improve and build trust in real ways,” said- he declared.

Blockchain: Opportunities and breakthroughs for real estatewill be available Wednesday, June 29, 2022. REIA has also minted a commemorative NFT in honor of the landmark report.

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