Trust is the whole point of the blockchain

Trends and news from the
IT and real estate industry

The bitcoin euphoria seems to be over. What remains after all the turmoil is a promising technology on which the cryptocurrency is based: the blockchain. But what can the blockchain do and why is it worth taking a closer look?

Blockchain wonder chain

With blockchain, transactions are possible in real time - without intermediaries and completely transparent. Each transaction is recorded in a constantly growing list (chain). The history of the business can be viewed by every user. And that is exactly the crux of the matter: These publicly verified records create security, trust and thus enable new business models - also in the real estate industry.

Blockchain could help to implement complex projects more efficiently and quickly, and it has the potential to be used in a wide variety of areas. Test projects for the use of blockchain technology in land purchases are already underway in Sweden. In addition to paying or financing real estate transactions, blockchain could also ensure efficiency in the operational area in the future. For example, it is conceivable that tenants can have quick and easy access to the utility bill - online, around the clock and 365 days a year. In addition, automation of the entire billing system in the energy and supply sector is conceivable in the future.

Blockchain could reduce the considerable effort involved in managing real estate. When deals are planned or deals are concluded, huge amounts of information have to be examined. This is where technology could help. Whether in the area of ​​planning, construction, renovation, space utilization or recycling: the possible areas of application are diverse.

Discover potential and master challenges

Smart city projects are picking up speed around the world. The “Melaka Straits City” is currently being built in Malaysia - a city in which the infrastructure is to be based on blockchain technology. From Busan in South Korea to particularly ambitious plans such as From “Smart Dubai” in the United Arab Emirates to the $ 250 million project by crypto millionaire Jeffrey Berns in Nevada (USA) - the list is growing all the time.

A press release from the real estate transaction platform Blockimmo from March 1, 2019 shows that it is already possible in Switzerland to finance shares in a property via the blockchain. Today, Switzerland is a European hotspot for various applications of the technology. Above all Zug near Zurich: This place is also known as the Crypto Valley and is home to many startups that implement blockchain projects.

The technology has enormous potential. And although there are still a few concrete projects, the rapidly increasing number of startups in this area suggests that the situation will soon change. Therefore it is important to keep an eye on the development. Because anyone who knows the challenges and opportunities is in a position to discover the potential of the blockchain for their own business, to prevent risks and to actively shape the future.