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Blockchain And Its Effect In The Real Estate Industry

Author

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  • Peter Lewis
  • Jevans Otieno

Abstract

Among the most prominent industries that have adopted the blockchain technology are real estate, insurance, loans, copyright, and the legal sector. This paper seeks to provide an industry overview for the real estate industry, including a brief introduction on the employment and potential for blockchain within the sector and a detailed list of those projects that are already being implemented. It examines how Blockchain smart contracts are revolutionizing the Real Estate sector through rental agreement, rental payment, buying real estate and open houses which is the access to property automized with a smart contract between seller and prospect. Real estate sector has proven to have a potential in blockchain adoption. It provides for immense opportunities for new frontiers in the industry, due to the limitations and vulnerabilities that surrounds the outdated industry system especially from the use of smart contracts. While professionals in the industry are fully aware that blockchain is the future, progress has nonetheless been slow. There are still a number of obstacles impeding the widespread adoption of blockchain and smart contracts in real estate. First, there is a reluctance by the third parties who have profited from theold and familiar model of real estate. These include agents, brokers and among others. Second is the issue of accessibility for all those involved. While blockchain and smart contracts bring efficiency, transparency, andsecurity, the adoption of this technology by businesses has until now required hiring specialists with knowledge of a particular blockchain language.

Suggested Citation

  • Peter Lewis & Jevans Otieno, 2019. "Blockchain And Its Effect In The Real Estate Industry," AfRES 2019-072, African Real Estate Society (AfRES).
    • Handle: RePEc:afr:wpaper:2019-072
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    JEL classification:

    • R3 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Real Estate Markets, Spatial Production Analysis, and Firm Location

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