Blockchain technology is increasingly penetrating the mainstream. Cryptocurrency has been one of the main topics of conversation for the past few years.
Dogecoin, for example, just made a loud bang, and just about everyone has heard about Bitcoin. Other than Cryptocurrency, NFTs have also been making waves.
While NFTs are popular, they are also more mysterious and brutal to understand. So far, most people only understand NFTs as art. Still, entrepreneurs and blockchain leaders like Ryan Hoggan believe that the technology will start seeping into every other market sooner than later.
Ryan Hoggan is adamant that blockchain technology is already starting to transform the real estate industry, so we decided to interview him and figure out just why he thinks this.
What is one of the main ways blockchain technology can be used in the real estate industry?
Ryan Hoggan: It’s simple. Transactions. The actual purchasing of real estate can be done through the blockchain, and in my opinion, it won’t be long until we see most transactions being done this way.
There are quite a few advantages; it’s faster, more secure, and more private. I think once real estate investors realize this, they’ll be jumping on the technology. I think it’ll also save them money in the long run.
You said that it is easier. Can you explain how purchasing real estate through the blockchain is superior?
Ryan Hoggan: With the blockchain, there is nothing fake. It’s impossible to create fraudulent contracts or fraudulent cryptocurrency. This means that it’s possible to automate the entire process.
You can see exactly who owns what and whom all owned it beforehand with the blockchain. This means there can be no corruption and no grey areas, which means safe automation is possible.
Will there still be third parties, or can the transactions between two people?
Ryan Hoggan: The blockchain works on smart contracts. These are pretty much just contracts, but they are much more secure than a real-world contract. Once they are created, they cannot be modified.
There’s no reason for a third party on the blockchain. This makes investing in real estate remotely possible because the transactions are much faster and less expensive.
Do you think blockchain has created a new type of real estate investor? Or do you think traditional investors are going to delve into blockchain technology?
Ryan Hoggan: I always talk about this on Twitter, so be sure to follow me @RyanDeanHoggan. Well, people like me are deeply invested in both real estate and blockchain technology. However, I know a few traditional real estate investors who are very opposed to blockchain tech.
All I have to say about this is that technology is coming, revolutionizing the real estate industry. So you can either learn about the technology and evolve with it or be left behind. So yes, there is a new type of real estate investor coming.
Crypto investors are investors, after all. They want to make money, and there is a lot of money to be made in real estate.
So are there any downsides to using blockchain technology in real estate?
Ryan Hoggan: Well, it depends where you sit. For example, if you’re a real estate broker, the downside is that blockchain eliminates the need for your job.
With the blockchain, two individuals can make a transaction between themselves, and both sides will be 100% certain of the legitimacy.
For an investor or even a home buyer, then no, it will be much easier, safer, and even cheaper to make your purchases through the blockchain.
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